Liberty Cablevision of Puerto Rico talks $1 billion eight-year notes to yield 6¾%-7%

By Paul A. Harris

Portland, Ore., Oct. 22 – Liberty Cablevision of Puerto Rico talked its $1 billion offering of eight-year senior secured notes (B1/B+/BB-), according to a market source.

Books close on Tuesday, and the deal, which is being led by J.P. Morgan Securities LLC, is expected to price later Tuesday or on Wednesday.

The notes come with three years of call protection.

The issuing entity will be LCPR Senior Secured Financing DAC.

The San Juan, Puerto Rico-based cable and wireless operator plans to use the proceeds to help fund the acquisition of AT&T's wireless and wireline assets in Puerto Rico and the U.S. Virgin Islands by Liberty Latin America.

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