By Paul A. Harris
St. Louis, Nov. 10 - Global Crossing Ltd. priced a $150 million issue of nine-year senior notes (/CCC+/) at par to yield 9% on Wednesday, according to an informed source.
The yield printed 37.5 basis points beyond the wide end of the 8½% area price talk.
Credit Suisse Securities and Goldman Sachs & Co. were the joint bookrunners for the quick-to-market deal.
Proceeds will be used to redeem all of the company's outstanding 5% convertible senior notes.
The telecommunications services provider is based in Hamilton, Bermuda.
| Issuer: | Global Crossing Ltd.
|
| Amount: | $150 million
|
| Maturity: | Nov. 15, 2019
|
| Securities: | Senior notes
|
| Bookrunners: | Credit Suisse Securities, Goldman Sachs & Co.
|
| Coupon: | 9%
|
| Price: | Par
|
| Yield: | 9%
|
| Spread: | 654 bps
|
| Call protection: | Four years
|
| Trade date: | Nov. 10
|
| Settlement date: | Nov. 16
|
| Rating: | Standard & Poor's: CCC+
|
| Distribution: | Rule 144A and Regulation S with registration rights
|
| Price talk: | 8½% area
|
| Marketing: | Quick to market
|
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