Published on 12/9/2003 in the Prospect News High Yield Daily.
New Issue: Embratel prices $75 million add-on at 100.75, to yield 10.797%
By Paul A. Harris
St. Louis, Dec. 9 - Embratel (Empresa Brasileira de Telecomunicacoes) priced a $75 million add-on to its 11% senior notes due Dec. 15, 2008 at 100.75 on Tuesday to yield 10.797%, according to market sources.
Deutsche Bank Securities and Morgan Stanley were the underwriters.
Embratel will use proceeds to refinance debt and to extend maturities.
The issuer is Sao Paulo, Brazil-based telecommunications company.
Issuer: | Embratel (Empresa Brasileira de Telecomunicacoes)
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Amount: | $75 million
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Security description: | Add-on to 11% senior notes due Dec. 15, 2008
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Bookrunner: | Deutsche Bank Securities, Morgan Stanley
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Maturity: | Dec. 15, 2008
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Coupon: | 11%
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Price: | 100.75
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Yield: | 10.797%
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Call: | Non-callable
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Settlement date: | Dec. 16 (T+5)
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