By Paul A. Harris
Portland, Ore., Feb. 9 – Ziply Fiber priced a $300 million issue of 6% seven-year senior notes (Caa1/CCC+) at par to yield 6.003% on Tuesday, according to a syndicate source.
The yield printed through yield talk in the 6¼% area.
Goldman Sachs & Co. LLC was the left bookrunner. Joint bookrunners were Credit Suisse Securities (USA) LLC, BofA Securities Inc. and Deutsche Bank Securities Inc.
The notes will be issued via Northwest Fiber, LLC and Northwest Fiber Finance Sub, Inc.
The Kirkland, Wash.-based telecom plans to use the proceeds plus proceeds from a new term loan to pay off its existing term loan.
Ziply began operations last May after bankrupt Frontier Communications sold its operations and assets to WaveDivision Capital in partnership with Searchlight Capital Partners.
| Issuers: | Northwest Fiber, LLC and Northwest Fiber Finance Sub, Inc.
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| Amount: | $300 million
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| Maturity: | Feb. 15, 2028
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| Securities: | Senior notes
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| Left bookrunner: | Goldman Sachs & Co. LLC
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| Joint bookrunners: | Credit Suisse Securities (USA) LLC, BofA Securities Inc. and Deutsche Bank Securities Inc.
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| Coupon: | 6%
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| Price: | Par
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| Yield: | 6.003%
|
| Spread: | 520 bps
|
| First call: | Feb. 15, 2024 at 103
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| Trade date: | Feb. 9
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| Settlement date: | Feb. 11
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| Ratings: | Moody's: Caa1
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| S&P: CCC+
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 6¼% area
|
| Marketing: | Roadshow
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