By Paul A. Harris
Portland, Ore., April 26 – Xplornet Communications, Inc. priced an upsized $75 million add-on to its 9 5/8%/10 5/8% senior PIK notes due June 1, 2022 (expected ratings Caa2/CCC) at 99.06 in a quick-to-market Friday trade, according to a syndicate source.
The issue size increased from $30 million.
The reoffer price came on top of price talk.
SunTrust Robinson Humphrey Inc. was the left bookrunner. BMO Securities and Jefferies LLC were the joint bookrunners.
Proceeds will be used to fund the acquisition of certain spectrum licenses.
The prospective issuer is Canada’s largest rural-focused broadband internet provider.
| Issuer: | Xplornet Communications, Inc.
|
| Amount: | $75 million, increased from $30 million
|
| Maturity: | June 1, 2022
|
| Security description: | Add-on to 9 5/8%/10 5/8% senior PIK notes due June 1, 2022
|
| Left bookrunner: | SunTrust Robinson Humphrey Inc.
|
| Joint bookrunners: | BMO Securities and Jefferies LLC
|
| Cash coupon: | 9 5/8%
|
| PIK coupon: | 10 5/8%
|
| Price: | 99.06 plus PIK accrual
|
| First call: | June 1, 2019 at 104.813.
|
| Trade date: | April 26
|
| Settlement date: | May 1
|
| Expected ratings: | Moody's: Caa2
|
| S&P: CCC
|
| Distribution: | Rule 144A for life
|
| Price talk: | 99.06 plus PIK accrual to May 1 (fungibility level)
|
| Marketing: | Quick to market
|
| Original issue: | $230 million issue priced in May 2017
|
| Previous add-on: | $30 million priced in October 2017
|
| Total issue size: | $335 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
