By Paul A. Harris
St. Louis, Nov. 24 - Embratel (Empresa Brasileira de Telecomunicacoes) sold $200 million of 11% guaranteed notes due Dec. 15, 2008 (B2) at 99.049 on Monday to yield 11¼%, according to an informed source.
Price guidance was for a yield in the 11% area.
Morgan Stanley and Deutsche Bank Securities were bookrunners on the Rule 144A/Regulation S (with registration rights) deal.
The notes are guaranteed by Embratel Participacoes SA.
Embratel will use proceeds to refinance debt and for general corporate purposes.
The issuer is a Rio de Janeiro-based telecommunications provider.
| Issuer: | Embratel (Empresa Brasileira de Telecomunicacoes)
|
| Guarantor: | Embratel Participacoes SA
|
| Amount: | $200 million
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| Maturity: | Dec. 15, 2008
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| Security description: | Guaranteed notes
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| Bookrunners: | Morgan Stanley, Deutsche Bank Securities
|
| Coupon: | 11%
|
| Price: | 99.049
|
| Yield: | 11¼%
|
| Calls: | Non-callable
|
| Settlement date: | Dec. 3 (T+6)
|
| Ratings: | Moody's: B2
|
| Price guidance: | 11% area
|
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