By Paul A. Harris
St. Louis, June 30 - Digicel Ltd. participated in a Tuesday transaction in which $250 million of its 12% notes due April 1, 2014 (B1//B-) were sold, according to an informed source.
The transaction featured a $160 million add-on to the $350 million existing issue. In addition, company owner Dennis O'Brien sold $90 million of the 12% notes due 2014 which he held.
The notes were priced at 99.50 to yield 12.124%.
The reoffer price came rich to the 99 area price talk.
Credit Suisse, Citigroup and JPMorgan were joint bookrunners.
The company will use its share of the proceeds from Tuesday's transaction for general corporate purposes.
None of the proceeds from O'Brien's portion of the sale will go to the company.
Digicel is wireless services provider based in Kingston, Jamaica.
| Issuer: | Digicel Ltd.
|
| Total face amount: | $250 million
|
| Add-on face amount: | $160 million
|
| Add-on proceeds: | $159.2 million
|
| O'Brien sale face amount: | $90 million
|
| O'Brien proceeds: | $89.55 million
|
| Maturity: | April 1, 2014
|
| Security description: | 12% senior notes due April 1, 2014
|
| Bookrunners: | Credit Suisse, Citigroup, JPMorgan
|
| Coupon: | 12%
|
| Price: | 99.50
|
| Yield: | 12.124%
|
| Call protection: | Make-whole until April 1, 2012
|
| Trade date: | June 30
|
| Settlement date: | July 7 with accrued interest
|
| Ratings: | Moody's: B1
|
| Fitch: B-
|
| Distribution: | Rule 144A/Regulation S
|
| Price talk: | 99 area
|
| Total issue size: | $510 million
|
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