By Rebecca Melvin
New York, July 7 – Liquid Telecommunications Holdings Ltd. priced a downsized $550 million of 8˝% five-year senior secured bonds (expected: Ba3//B+) at par, a market source said.
The deal was initially talked at $600 million in size.
Citibank, Standard Chartered and Standard Bank are joint lead managers and bookrunners for the Rule 144A and Regulation S bonds, which are non-callable for three years.
The new issue, which priced Thursday, comes after a roadshow that took place during the week of June 23.
Proceeds will be used to refinance existing debt and for other general corporate purposes.
Liquid Telecommunications is a subsidiary of Econet Wireless International Ltd., a Johannesburg, South Africa-based telecommunications company.
| Issuer: | Liquid Telecommunications Holdings Ltd.
|
| Amount: | $550 million, downsized from $600 million
|
| Maturity: | 2022
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| Description: | Senior secured bonds
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| Bookrunners: | Citibank, Standard Chartered and Standard Bank
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| Coupon: | 8˝%
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| Price: | Par
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| Yield: | 8˝%
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| Call: | Non-callable for three years
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| Trade date: | July 6
|
| Expected ratings: | Moody’s: Ba3
|
| Fitch: B+
|
| Distribution: | Rule 144A and Regulation S
|
| Marketing: | Roadshow
|
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