Published on 9/6/2017 in the Prospect News High Yield Daily.
New Issue: Equinix prices upsized €1 billion 2 7/8% eight-year notes at par
By Paul A. Harris
Portland, Ore., Sept. 6 – Equinix, Inc. priced an upsized €1 billion issue of eight-year senior notes (B1/BB+/BB) at par to yield 2 7/8% on Wednesday, according to a market source.
The issue, which played to approximately €3 billion of orders, was upsized from €750 million.
The yield printed on top of final yield talk, which tightened from earlier talk in the 3% area. Initial guidance was in the 3¼% area.
Lead left bookrunner Barclays will bill and deliver. BofA Merrill Lynch, JPMorgan and ING were joint bookrunners.
The Redwood City, Calif.-based data services company plans to use the proceeds to redeem all of its outstanding 4 7/8% senior notes due 2020 and for general corporate purposes, which may include debt repayment, capital expenditures, working capital and acquisitions of complementary businesses or assets.
Issuer: | Equinix, Inc.
|
Amount: | €1 billion, increased from €750 million
|
Maturity: | Oct. 1, 2025
|
Securities: | Senior notes
|
Lead left bookrunner: | Barclays (bill and deliver)
|
Joint bookrunners: | BofA Merrill Lynch, JPMorgan, ING
|
Co-managers: | RBC, Citigroup, TD, HSBC, MUFG, Goldman Sachs, US Bank, Wells Fargo
|
Coupon: | 2 7/8%
|
Price: | Par
|
Yield: | 2 7/8%
|
Spread: | 285 bps
|
First call: | Make-whole call at Bunds plus 50 bps until Oct. 1, 2020, then callable at 101.438
|
Trade date: | Sept. 6
|
Settlement date: | Sept. 20
|
Ratings: | Moody's: B1
|
| S&P: BB+
|
| Fitch: BB
|
Distribution: | SEC registered
|
Price talk: | Final was 2 7/8%, tightened from 3% area
|
Marketing: | Roadshow
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.