By Paul A. Harris
Portland, Ore., May 9 - General Communication, Inc. priced a $325 million issue of 10-year senior notes (expected ratings B2/BB-) at par to yield 6¾% on Monday, according to a company press release.
The yield printed on top of the price talk, market sources said.
Deutsche Bank Securities Inc. ran the books for the quick-to-market deal.
The Anchorage-based provider of cable, wireless, wireline and internet services plans to use the proceeds to refinance its 7¼% senior notes due 2014.
| Issuer: | GCI, Inc. (General Communication, Inc.)
|
| Amount: | $325 million
|
| Maturity: | 2021
|
| Securities: | Senior notes
|
| Bookrunner: | Deutsche Bank Securities Inc.
|
| Coupon: | 6¾%
|
| Price: | Par
|
| Yield: | 6¾%
|
| Call protection: | Five years
|
| Trade date: | May 9
|
| Settlement date: | May 20
|
| Expected ratings: | Moody's: B2
|
| Standard & Poor's: BB-
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 6¾% area
|
| Marketing: | Quick to market
|
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