Published on 8/15/2003 in the Prospect News High Yield Daily.
New Issue: Dex Media West downsizes notes to $1.165 billion, prices two tranches
By Paul A. Harris
St. Louis, Aug. 15 - Dex Media West LLC priced a downsized offering of $1.165 billion in two tranches of notes, according to a syndicate source.
The deal priced late Thursday, according to sources, but was subjected to investor confirmations on Friday because of disruptions caused by the Northeastern power blackout.
The total size was reduced from $1.315 billion as debt was shifted to the simultaneous leveraged loan offering.
Dex Media priced $385 million - decreased from $535 million - of senior notes due Aug. 15, 2010 (B2/B) at par to yield 8½%. Price talk was for a yield of 8½%-8¾%. The company shifted $150 million from the senior notes offering to its credit facility.
Dex also sold $780 million of senior subordinated notes due Aug. 15, 2013 (B3/B) at par to yield 9 7/8%. Price talk was for a yield of 10%-10¼%.
JP Morgan, Banc of America Securities, Deutsche Bank Securities Inc., Lehman Brothers and Wachovia Securities were bookrunners on the Rule 144A/Regulation S offering.
Proceeds will be used to fund the acquisition of second part of Qwest Dex's directory business.
| Issuer: | Dex Media West LLC
|
| Amount: | $1.165 billion
|
| Bookrunners: | JP Morgan, Banc of America Securities, Deutsche Bank Securities, Lehman Brothers, Wachovia Securities
|
|
|
| Seven-year senior notes tranche
|
| Amount: | $385 million
|
| Maturity: | Aug. 15, 2010
|
| Coupon: | 8½%
|
| Price: | Par
|
| Yield: | 8½%
|
| Call features: | Callable on Aug. 15, 2007 at 104.25, then 102.125, declining to par on Aug. 15, 2009 and thereafter
|
| Equity clawback: | Until Aug. 15, 2006 for 35% at 108.50
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: B
|
| Price talk: | 8½%-8¾%
|
|
|
| 10-year senior subordinated notes tranche
|
| Amount: | $780 million
|
| Maturity: | Aug. 15, 2013
|
| Coupon: | 9 7/8%
|
| Price: | Par
|
| Yield: | 9 7/8%
|
| Call features: | Callable on Aug. 15, 2008 at 104.938, then 103.292, 101.646, declining to par on Aug. 15, 2011 and thereafter
|
| Equity clawback: | Until Aug. 15, 2006 for 35% at 109.875
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B
|
| Price talk: | 10%-10¼%
|
|
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