By Cristal Cody
Tupelo, Miss., July 24 – Cox Communications Inc. priced $2.6 billion of senior notes (Baa2/BBB/BBB+) in three parts on Monday, a market source said.
The company sold $1 billion of 3.15% seven-year notes with a spread of Treasuries plus 110 basis points. The notes were talked to price in the Treasuries plus 115 bps area, plus or minus 5 bps.
Cox sold $1 billion of 3.5% 10-year notes at a Treasuries plus 130 bps spread, on the tight side of talk in the Treasuries plus 135 bps area, plus or minus 5 bps.
Cox priced $600 million of 4.6% 30-year bonds with a spread of 180 bps over Treasuries. Price guidance on the bonds was in the Treasuries plus 185 bps area, plus or minus 5 bps.
J.P. Morgan Securities LLC, RBC Capital Markets, LLC and Wells Fargo Securities LLC were the lead managers.
Cox Communications is an Atlanta-based media and cable company and subsidiary of Cox Enterprises Inc.
| Issuer: | Cox Communications Inc.
|
| Amount: | $2.6 billion
|
| Description: | Senior notes
|
| Bookrunners: | J.P. Morgan Securities LLC, RBC Capital Markets, LLC and Wells Fargo Securities LLC
|
| Trade date: | July 24
|
| Ratings: | Moody’s: Baa2
|
| S&P: BBB
|
| Fitch: BBB+
|
|
|
| Seven-year notes
|
| Amount: | $1 billion
|
| Maturity: | Aug. 15, 2024
|
| Coupon: | 3.15%
|
| Spread: | Treasuries plus 110 bps
|
| Price guidance: | Treasuries plus 115 bps area, plus or minus 5 bps
|
|
|
| 10-year notes
|
| Amount: | $1 billion
|
| Maturity: | Aug. 15, 2027
|
| Coupon: | 3.5%
|
| Spread: | Treasuries plus 130 bps
|
| Price guidance: | Treasuries plus 135 bps area, plus or minus 5 bps
|
|
|
| 30-year notes
|
| Amount: | $600 million
|
| Maturity: | Aug. 15, 2047
|
| Coupon: | 4.6%
|
| Spread: | Treasuries plus 180 bps
|
| Price guidance: | Treasuries plus 185 bps area, plus or minus 5 bps
|
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