Published on 12/5/2017 in the Prospect News High Yield Daily.
New Issue: Equinix prices €1 billion 10-year notes at par to yield 2 7/8%
By Paul A. Harris
Portland, Ore., Dec. 5 – Equinix, Inc. priced a €1 billion issue of 10-year senior notes (BB+) at par to yield 2 7/8% on Tuesday, according to a market source.
The yield printed tight to initial talk in the 3% area.
BofA Merrill Lynch, Citigroup Global Markets Inc., J.P. Morgan Securities LLC, MUFG and RBC Capital Markets are the bookrunners.
The Redwood City, Calif.-based data services company plans to use proceeds, together with about $10 million cash on hand, to repay in full its existing €995 million term loan due 2024.
Issuer: | Equinix, Inc.
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Amount: | €1 billion
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Tenor: | 10 years
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Securities: | Senior notes
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Bookrunners: | BofA Merrill Lynch, Citigroup Global Markets Inc., J.P. Morgan Securities LLC, MUFG, RBC Capital Markets LLC
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Coupon: | 2 7/8%
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Price: | Par
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Yield: | 2 7/8%
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Call protection: | Five years
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Trade date: | Dec. 5
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Rating: | S&P: BB+
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Initial price talk: | 3% area
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Marketing: | Quick to market
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