Jamaica's Digicel sets talk for upsized $300 million seven-year bonds at 9½% area

By Reshmi Basu

New York, July 19 - Jamaica wireless operator Digicel Ltd. set price talk for an upsized $300 million offering of seven-year senior notes (B3//B) in the area of 9½%, according to a market source.

The notes, increased from $250 million, will be non-callable for four years. The issue will also carry senior subordinated guarantees.

Proceeds from the sale will be used to repay a shareholder loan, for capital expenditures and to prepay mezzanine debt.

JP Morgan and Citigroup are running the Rule 144A/Regulation S deal.

Pricing is expected on Thursday.

The company is based in Kingston.

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