By Paul A. Harris
St. Louis, May 17 - Gateway Telecommunications plc has priced a $32.5 million add-on to its 9 7/8% senior secured notes due Nov. 15, 2013 (B3/B) at 102, resulting in a yield of 9.456%, according to a market source.
Citigroup ran the books for the Rule 144A and Regulation S deal.
Proceeds will be used to help fund the $40 million acquisition of GS Telecom Ltd.
The original $100 million issue priced at par on Nov. 8, 2006, bringing the total issue size to $132.5 million.
The telecommunications firm has headquarters in London and in Johannesburg, South Africa.
| Issuer: | Gateway Telecommunications plc
|
| Face amount: | $32.5 million
|
| Proceeds: | $33.15 million
|
| Maturity: | Nov. 15, 2013
|
| Security description: | Add-on to 9 7/8% senior secured notes
|
| Bookrunner: | Citigroup
|
| Coupon: | 9 7/8%
|
| Price: | 102
|
| Yield: | 9.456%
|
| Call features: | Make-whole at Treasuries plus 50 bps until Nov. 15, 2010, then callable at a premium
|
| Trade date: | May 10
|
| Settlement date: | May 15
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B
|
| Distribution: | Rule 144A and Regulation S
|
| Original issue: | $100 million priced at par on Nov. 8, 2006
|
| Total issue size: | $132.5 million
|
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