GTT Communications to sell $100 million tap of 7 7/8% notes due 2024 in Monday drive-by

By Paul A. Harris

Portland, Ore., Sept. 25 – GTT Communications, Inc. plans to price a $100 million tack-on to its 7 7/8% senior notes due Dec. 31, 2024 in a quick-to-market Monday trade trailing a mid-morning conference call with investors, according to market sources.

Initial price talk is 106, a trader said.

Credit Suisse Securities (USA) LLC, Citizens Bank, KeyBanc Capital Markets, SunTrust Robinson Humphrey Inc. and Wells Fargo Securities LLC are the joint bookrunners for the Rule 144A and Regulation S for life offering.

The notes become callable on Dec. 31, 2019 at 105.906 and feature a 40% equity clawback at 107.875 until Dec. 31, 2019.

The McLean, Va.-based cloud networking services provider plans to use the proceeds for general corporate purposes, including an acquisition.

The original $300 million issue priced at par on Dec. 8, 2016. A previous $150 million tack-on priced at 106 to yield 6.568% on May 25, 2017.

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