Published on 8/11/2021 in the Prospect News High Yield Daily.
New Issue: CommScope sells $1.25 billion eight-secured notes at par to yield 4¾%
By Paul A. Harris
Portland, Ore., Aug. 11 – CommScope, Inc. priced a $1.25 billion issue of eight-year secured notes (Ba3/B) at par to yield 4¾% in a Wednesday drive-by, according to market sources.
The yield printed at the wide end of the 4½% to 4¾% yield talk and wide to initial guidance in the mid-4% area.
CommScope's deal was heard to be playing to around $1.9 billion of orders, a trader said.
BofA Securities Inc. was the left bookrunner. Joint bookrunners were J.P. Morgan Securities LLC, Deutsche Bank Securities Inc., Mizuho Securities USA Inc., U.S. Bancorp Investments Inc., Wells Fargo Securities LLC, BNP Paribas Securities Corp., Citigroup Global Markets Inc., Regions Securities LLC, Goldman Sachs & Co. LLC, SMBC Nikko Securities Americas Inc. and TGC.
The Hickory, N.C.-based network infrastructure company plans to use the proceeds plus cash on hand to redeem all of its outstanding 5½% secured notes due 2024.
| Issuer: | CommScope, Inc.
|
| Amount: | $1.25 billion
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| Maturity: | Sept. 1, 2029
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| Securities: | Secured notes
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| Left bookrunner: | BofA Securities Inc.
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| Joint bookrunners: | J.P. Morgan Securities LLC, Deutsche Bank Securities Inc., Mizuho Securities USA Inc., U.S. Bancorp Investments Inc., Wells Fargo Securities LLC, BNP Paribas Securities Corp., Citigroup Global Markets Inc., Regions Securities LLC, Goldman Sachs & Co. LLC, SMBC Nikko Securities Americas Inc. and TGC
|
| Coupon: | 4¾%
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| Price: | Par
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| Yield: | 4¾%
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| Spread: | 355 bps
|
| Call protection: | Three years
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| Trade date: | Aug. 11
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| Settlement date: | Aug. 23
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| Ratings: | Moody’s: Ba3
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| S&P: B
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| Distribution: | Rule 144A and Regulation S for life
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| Price talk: | 4½% to 4¾%
|
| Marketing: | Drive-by
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