Published on 3/8/2017 in the Prospect News High Yield Daily.
New Issue: Equinix prices upsized $1.25 billion long 10-year notes at par to yield 5 3/8%
By Paul A. Harris
Portland, Ore., March 8 – Equinix, Inc. priced an upsized $1.25 billion issue of long 10-year senior notes (B1/BB+) at par to yield 5 3/8% on Wednesday, according to a market source.
The issue size was increased from $1,125,000,000.
The yield printed in the middle of the 5¼% to 5½% yield talk.
J.P. Morgan Securities LLC, BofA Merrill Lynch, RBC Capital Markets, Barclays, Goldman Sachs & Co., MUFG and TD Securities were the joint bookrunners.
The Redwood City, Calif.-based interconnection and data center company plans to use the proceeds for general corporate purposes, including working capital, acquisitions, retirement of debt and other business opportunities.
Issuer: | Equinix, Inc.
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Amount: | $1.25 billion, increased from $1,125,000,000
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Maturity: | May 15, 2027
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Securities: | Senior notes
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Bookrunners: | J.P. Morgan Securities LLC, BofA Merrill Lynch, RBC Capital Markets, Barclays, Goldman Sachs & Co., MUFG, TD Securities
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Co-manager: | ING, HSBC Securities, U.S. Bancorp Investments Inc.
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Coupon: | 5 3/8%
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Price: | Par
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Yield: | 5 3/8%
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Spread: | 282 bps
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Call protection: | 5.2 years
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Trade date: | March 8
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Settlement date: | March 22
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Ratings: | Moody's: B1
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| S&P: BB+
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Distribution: | SEC registered
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Price talk: | 5¼% to 5½%
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