New Issue: GCI prices $450 million 6 7/8% 10-year notes at 99.105 to 7%

By Paul A. Harris

Portland, Ore., March 27 – GCI, Inc. priced $450 million of 6 7/8% 10-year senior notes (B3/B+) at 99.105 to 7% on Friday, according to a syndicate source.

The yield printed on top of yield talk.

SunTrust Robinson Humphrey Inc. was the left bookrunner. BofA Merrill Lynch and Credit Agricole CIB were the joint bookrunners.

The Alaska-based communications provider plans to use the proceeds to fund the redemption of its 8 5/8% senior notes due 2019.

GCI operates in the cable, fiber, satellite and wireless sectors.

Issuer:	GCI, Inc.
Face amount:	$450 million
Proceeds:	$446 million
Maturity:	April 15, 2025
Securities:	Senior notes
Left bookrunner:	SunTrust Robinson Humphrey Inc.
Joint bookrunners:	BofA Merrill Lynch, Credit Agricole CIB
Senior co-manager:	MUFG
Co-managers:	Deutsche Bank Securities Inc., RBC Capital Markets, Goldman Sachs & Co., Drexel
Coupon:	6 7/8%
Price:	99.105
Yield:	7%
First call:	April 15, 2020 at 103.438
Trade date:	March 27
Settlement date:	April 1
Ratings:	Moody's: B3
	Standard & Poor's: B+
Distribution:	Rule 144A and Regulation S with registration rights
Price talk:	7% area
Marketing:	Roadshow

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