By Paul A. Harris
St. Louis, March 10 - Grande Communications Holdings Inc. sold $136 million face amount of seven-year senior secured notes with warrants Wednesday at 95.727 with a 14% coupon to yield 15%, according to an informed source.
Price talk called for a 14% coupon priced at a discount to yield 15%.
Bear Stearns & Co. ran the books for the Rule 144A issue. Deutsche Bank Securities was co-manager.
Proceeds will be used to refinance existing debt, fund capital expenses and for general corporate purposes.
The issuer is a San Marcos, Texas-based internet, local and long-distance telephone and cable television company.
| Issuer: | Grande Communications Holdings Inc.
|
| Face amount: | $136 million
|
| Maturity: | April 1, 2011
|
| Security description: | Senior secured notes with warrants
|
| Bookrunner: | Bear Stearns & Co.
|
| Co-manager: | Deutsche Bank Securities
|
| Coupon: | 14%
|
| Price: | 95.727
|
| Yield: | 15%
|
| Spread: | 1083 basis points
|
| Calls: | Callable after April 1, 2008 at 107.0, 104.667, 102.333, par on or after April 1, 2010
|
| Equity clawback: | Until April 1, 2007 for 35% at 114%
|
| Pricing date: | March 10
|
| Settlement date: | March 23
|
| Ratings: | Moody's: Caa2
|
| Standard & Poor's: CCC
|
| Price talk: | 14% coupon at a discount to yield 15%
|
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