Published on 12/4/2001 in the Prospect News High Yield Daily.
New Issue: Horizon PCS $175 million 10-year notes yield 13¾%
By Paul A. Harris
St. Louis, Mo., Dec. 4 - Horizon PCS, Inc. priced $175 million of senior notes due June 15, 2011 (Caa1/CCC) late Monday, according to a syndicate source. The notes priced at par for a yield of 13¾%, at the high end of talk of 13½%-13¾%.
Credit Suisse First Boston ran the books, Wachovia Securities was joint lead and the co-managers were Bear Stearns & Co. and Lehman Brothers.
Issuer: | Horizon PCS, Inc.
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Amount: | $175 million
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Maturity: | June 15, 2011
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Type: | Senior notes
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Lead managers: | Credit Suisse First Boston (books), Wachovia Securities (joint)
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Co-managers: | Bear Stearns & Co., Lehman Brothers
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Coupon: | 13¾%
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Price: | Par
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Yield: | 13¾%
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Spread: | 909 basis points over 5% Treasury due Aug. 2011 |
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Call features: | Callable on Dec. 15, 2006 at 106.875, then at 104.583, 102.292,
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| declining to par on Dec. 15, 2009
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Equity clawback: | Until Dec. 15, 2004 at 113.750 for up to 35%
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Settlement date: | Dec. 7 (T+3)
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Ratings: | Moody's: Caa1
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| Standard & Poor's: CCC
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Cusip: | 44043UAG5
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End
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