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Midcontinent Communications to price $300 million eight-year notes in Wednesday drive-by
By Paul A. Harris
Portland, Ore., July 24 – Midcontinent Communications and Midcontinent Finance Corp. plan to price a $300 million offering of eight-year senior notes (B3/B) in a Wednesday drive-by trailing a mid-morning conference call with investors, according to market sources.
Initial price talk is 5½% to 5¾%, a sellside source said.
SunTrust Robinson Humphrey Inc. is the left bookrunner. Wells Fargo Securities LLC and RBC Capital Markets LLC are the joint bookrunners.
TD Securities (USA) LLC, Barclays, U.S. Bancorp Investments Inc., BNP Paribas Securities Corp. and MUFG are the co-managers.
The Rule 144A for life notes become callable after three years at par plus 50% of the coupon and feature a 40% equity clawback and a 101% poison put.
The Sioux Falls, S.D.-based provider of cable television, telephone service and high-speed internet access plans to use the proceeds to refinance its 6 7/8% senior notes and its term loan B, both of which mature in 2023.
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