New Issue: Midcontinent Communications prices $250 million 6¼% eight-year notes at par

By Paul A. Harris

Portland, Ore., July 23 - Midcontinent Communications and Midcontinent Finance Corp. priced a $250 million issue of eight-year senior notes (B3/B-/) at par to yield 6¼% on Tuesday, according to a syndicate source.

The yield printed on top of revised yield talk; earlier talk was in the 6½% area.

SunTrust Robinson Humphrey Inc., RBC Capital Markets LLC, Wells Fargo Securities LLC and BofA Merrill Lynch were the joint bookrunners.

The Sioux Falls, S.D.-based cable, internet and telephone services provider plans to use the proceeds to refinance debt.

Issuers:	Midcontinent Communications and Midcontinent Finance Corp.
Amount:	$250 million
Maturity:	Aug. 1, 2021
Securities:	Senior notes
Bookrunners:	SunTrust Robinson Humphrey, RBC Capital Markets, Wells Fargo Securities LLC, BofA Merrill Lynch
Senior co-manager:	US Bancorp
Co-managers:	TD Securities, Mitsubishi UFJ Securities
Coupon:	6¼%
Price:	Par
Yield:	6¼%
Spread:	420 bps
First call:	Aug. 1, 2016 at 104.688
Equity clawback:	35% at 106.25 until Aug. 1, 2016
Trade date:	July 23
Settlement date:	July 30
Ratings:	Moody's: B3
	Standard & Poor's: B-
Distribution:	Rule 144A for life and Regulation S
Price talk:	6¼%, revised tighter from 6½% area
Marketing:	Roadshow

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