Glentel abandons planned C$200 million offering of five-year notes

New York, Sept. 23 – Glentel Inc. said it is withdrawing its planned C$200 million of senior notes due 2019 (/BB-//DBRS: BB (low)).

The company is also dropping the related refinancing of its senior secured credit facility.

Glentel said in a news release that there was investor interest but the transaction “did not ultimately result in terms and conditions that were satisfactory to the company.”

The existing credit facility, which matures in October 2017, will remain in place.

Glentel announced the offering on Aug. 27 and held a roadshow that ran through Sept. 8.

(/BB-//DBRS: BB (low)), according to an informed source.

BMO Nesbitt Burns Inc. and CIBC World Markets Inc. were the joint bookrunners for the Rule 144A and Regulation S offer. Scotia Capital Inc. and Canaccord Genuity Corp. were the co-managers.

Glentel is a Burnaby, B.C.-based provider of wireless telecommunications systems and hardware, rental equipment, and system implementation services.

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