By Paul A. Harris
Portland, Ore., March 23 – Liberty Communications of Puerto Rico LLC priced an $820 million issue of 8.25-year senior secured notes (B1/B+) at par to yield 5 1/8% on Tuesday, according to a market source.
The yield printed tighter than the 5¼% to 5½% yield talk.
J.P. Morgan Securities LLC was the lead left bookrunner.
Proceeds will be used to refinance its term loan due in 2026, to pay $250 million in dividends to Liberty Latin America and for general corporate purposes.
Liberty Communications of Puerto Rico is a Ponce, Puerto Rico-based telecommunications company.
| Issuer: | Liberty Communications of Puerto Rico LLC
|
| Amount: | $820 million
|
| Tenor: | 8.25 years
|
| Securities: | Senior secured notes
|
| Left lead bookrunner: | J.P. Morgan Securities LLC
|
| Managers: | BNP Paribas Securities Corp., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, Santander Investment Securities Inc. and Scotia Capital (USA) Inc.
|
| Coupon: | 5 1/8%
|
| Price: | Par
|
| Yield: | 5 1/8%
|
| Call protection: | 3.25 years
|
| Trade date: | March 23
|
| Ratings: | Moody's: B1
|
| S&P: B+
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 5¼% to 5½%
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
