By Cristal Cody
Eureka Springs, Ark., Sept. 9 – Cox Communications Inc. priced $1 billion of 3.35% 10-year senior notes with a spread of 175 basis points over Treasuries on Thursday, a market source said.
The notes (Baa2/BBB/BBB+) priced on the tight side of guidance.
J.P. Morgan Securities LLC, Mizuho Securities USA Inc. and Wells Fargo Securities LLC were the lead managers.
Proceeds will be used for general corporate purposes, which may include funding a pension contribution payment and to repay existing debt.
Cox Communications is an Atlanta-based media and cable company and subsidiary of Cox Enterprises Inc.
| Issuer: | Cox Communications Inc.
|
| Amount: | $1 billion
|
| Maturity: | Sept. 15, 2026
|
| Securities: | Senior notes
|
| Bookrunners: | J.P. Morgan Securities LLC, Mizuho Securities USA Inc., Wells Fargo Securities
|
| Coupon: | 3.35%
|
| Spread: | Treasuries plus 175 bps
|
| Trade date: | Sept. 8
|
| Ratings: | Moody’s: Baa2
|
| S&P: BBB
|
| Fitch: BBB+
|
| Price guidance: | Treasuries plus 187.5 bps, plus or minus 12.5 bps
|
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