Liberty Latin America greeshoe ups 2% convertibles to $402.5 million

By Wendy Van Sickle

Columbus, Ohio, June 28 – Underwriters for Liberty Latin America Ltd.’s 2% convertible notes due July 15, 2024 fully exercised their $52.5 million greenshoe, lifting the total deal size to $402.5 million, according to a news release.

The company priced $350 million of the convertibles prior to the market open on Wednesday with an initial conversion premium of 22.5%, as previously reported.

Pricing came at the cheap end of talk for a coupon of 1.5% to 2% and an initial conversion premium of 22.5% to 27.5%.

Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC and Goldman Sachs & Co. LLC are joint bookrunners for the Rule 144A offering.

The notes are contingently convertible until Jan. 15, 2024. They are non-callable until July 19, 2022 and then subject to a 130% hurdle.

The notes are convertible into the company’s class C common shares, cash, or a combination of both at the company’s option.

In connection with the pricing, the company will enter into capped call transactions with an initial strike price of $22.23 and an initial cap price of $31.76.

Proceeds will be used to cover the cost of the call spread and for general corporate purposes.

Liberty Latin America is a Denver-based telecommunications company operating in 20 countries across Latin America and the Caribbean.

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