Published on 4/4/2012 in the Prospect News High Yield Daily.
New Issue: Inmarsat prices $200 million tap of 7 3/8% notes due 2017 at 106 to yield 5.529%
By Paul A. Harris
Portland, Ore., April 4 - Inmarsat Finance plc priced a $200 million add-on to its 7 3/8% senior notes due Dec. 1, 2017 (Ba2/BB+/) at 106 on Wednesday, according to a syndicate source.
The reoffer price came at the rich end of the 105.5 to 106 price talk and renders a 5.529% yield to worst.
Credit Suisse Securities (Europe) Ltd. and Barclays Bank plc were joint global coordinators and lead bookrunners.
Credit Agricole CIB, Mizuho Securities USA Inc., RBC Capital Markets, LLC and Royal Bank of Scotland plc were joint bookrunners.
Proceeds will be used for general corporate purposes.
Inmarsat is a London-based provider of satellite telephone and e-mail services to the broadcasting, shipping and airline industries.
The original $650 million issue priced at 99.256 to yield 7½% in November 2009.
| Issuer: | Inmarsat Finance plc
|
| Face amount: | $200 million
|
| Proceeds: | $212 million
|
| Maturity: | Dec. 1, 2017
|
| Security description: | Fungible add-on to 7 3/8% senior notes due Dec. 1, 2017
|
| Global coordinators/lead bookrunners: | Credit Suisse Securities (Europe) Ltd., Barclays Bank plc
|
| Joint bookrunners: | Credit Agricole CIB, Mizuho Securities USA Inc., RBC Capital Markets, LLC, Royal Bank of Scotland plc
|
| Co-lead managers: | DNB Bank ASA, ING Bank NV, London Branch, Lloyds Securities Inc., SMBC Nikko Capital Markets
|
| Coupon: | 7 3/8%
|
| Price: | 106
|
| Yield to worst: | 5.529%
|
| Spread: | 429 bps
|
| Call features: | Make-whole call at Treasuries plus 50 bps Until Dec. 1, 2013, then callable at 103.688, 101.844, par on and after Dec. 1, 2015
|
| Equity clawback: | 35% at 107.375 until Dec. 1, 2012
|
| Change-of-control put: | 101%
|
| Trade date: | April 4
|
| Settlement date: | April 11
|
| Ratings: | Moody's: Ba2
|
| Standard & Poor's: BB+
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 105.5 to 106
|
| Marketing: | Quick to market
|
| Original issue: | $650 million priced at 99.256 to yield 7½% in November 2009
|
| Total issue size: | $850 million
|
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