By Paul A. Harris
Portland, Ore., Aug. 11 – Midcontinent Communications priced a $300 million issue of eight-year senior notes (B3/B) at par to yield 6 7/8% on Tuesday, according to a syndicate source.
The yield printed on top of yield talk.
Official talk came in line with initial guidance in the high 6% yield context, according to a high-yield bond trader.
SunTrust Robinson Humphrey Inc. was the left bookrunner. Wells Fargo Securities LLC and RBC Capital Markets were joint bookrunners.
The Minneapolis-based company, which intends to issue the notes via its wholly owned subsidiary Midcontinent Finance Corp., plans to use the proceeds to support a distribution to its shareholders.
Midcontinent Communications provides cable television, local and long-distance digital telephone service and high-speed internet access.
| Issuers: | Midcontinent Communications and Midcontinent Finance Corp.
|
| Amount: | $300 million
|
| Maturity: | Aug. 15, 2023
|
| Securities: | Senior notes
|
| Left bookrunner: | SunTrust Robinson Humphrey Inc.
|
| Joint bookrunners: | Wells Fargo Securities LLC, RBC Capital Markets LLC
|
| Senior co-managers: | TD Securities (USA) LLC, U.S. Bancorp Investments Inc.
|
| Co-managers: | MUFG, BNP Paribas Securities Corp.
|
| Coupon: | 6 7/8%
|
| Price: | Par
|
| Yield: | 6 7/8%
|
| Spread: | 487 bps
|
| Call: | Make-whole call at Treasuries plus 50 bps until Aug. 15, 2018, then callable at 105.156
|
| Trade date: | Aug. 11
|
| Settlement date: | Aug. 14
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B
|
| Distribution: | Rule 144A for life
|
| Price talk: | 6 7/8% area
|
| Marketing: | Roadshow
|
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