By Paul A. Harris
St. Louis, Feb. 9 - Sable International Finance Ltd. (Cable & Wireless plc) priced a $500 million issue of seven-year senior secured notes (Ba2/BB-/) at par to yield 7¾% on Tuesday, according to an informed source.
The yield printed on top of price talk.
The notes will be free to trade at 2:30 a.m. ET on Wednesday.
Barclays Capital, BNP Paribas, JPMorgan and RBS were joint bookrunners.
Co-managers were Citigroup, HSBC and Lloyds.
Proceeds will be used to refinance debt and to provide liquidity.
The issuer is a Bracknell, England-based telecommunications services provider to British Virgin Islands, Cayman Islands, Panama, Macau, Maldives, Monaco, Seychelles, the Falkland Islands, St. Helena, Turks and Caicos Islands, Anguilla, Guernsey and Bermuda.
| Issuer: | Sable International Finance Ltd. (Cable & Wireless plc)
|
| Amount: | $500 million
|
| Maturity: | Feb. 15, 2017
|
| Securities: | Senior secured notes
|
| Bookrunners: | Barclays Capital, BNP Paribas, JPMorgan, RBS
|
| Co-managers: | Citigroup, HSBC, Lloyds
|
| Coupon: | 7¾%
|
| Price: | Par
|
| Yield: | 7¾%
|
| Spread: | 467.5 bps
|
| Call features: | Make-whole call at Treasuries plus 50 bps until Feb. 15, 2014, then callable at 103.875, 101.938 par on and after Feb. 15, 2016
|
| Change-of-control put: | 101%
|
| Trade date: | Feb. 9
|
| Settlement date: | Feb. 12
|
| Ratings: | Moody's: Ba2
|
| Standard & Poor's: BB-
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 7¾% area
|
© 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.
