By Reshmi Basu
New York, April 14 - CJSC Kyivstar GSM sold an upsized offering of $175 million of seven-year bonds (B1/B+) at par to yield 7¾%, according to a market source.
The deal, increased from $150 million, came at the tight end of guidance. Initial guidance had been set at 7¾% to 7 7/8%.
The bonds are non-callable for life.
Proceeds from the sale will be used for network expansion, to refinance existing debt and for general corporate purposes.
Citigroup and Dresdner Kleinwort Wasserstein were lead managers for the Rule 144A/Regulation S deal.
The issuer, based in Kiev, is a mobile telecommunications operator.
| Issuer: | CJSC Kyivstar GSM
|
| Amount: | $175 million (increased from $150 million)
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| Maturity: | April 27, 2012
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| Coupon: | 7¾%
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| Issue price: | Par
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| Yield: | 7¾%
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| Pricing date: | April 14
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| Settlement date: | April 27
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| Managers: | Citigroup, Dresdner Kleinwort Wasserstein
|
| Ratings: | Moody's: B1
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| Standard & Poor's: B+
|
| Price guidance: | 7¾% to 7 7/8%
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