New Issue: Axtel upsizes 10-year notes to $175 million, yield 11%

By Paul A. Harris

St. Louis, Dec. 9 - Axtel SA priced an upsized offering of $175 million of senior notes due Dec. 15, 2013 (B2/B) at par Tuesday to yield 11%, according to a market source.

The deal was increased from $150 million. Price talk was for a yield in the 11¼% area.

Credit Suisse First Boston ran the books for the Rule 144A deal.

Axtel will use proceeds to refinance debt

The issuer is a San Pedro Garza García, Mexico-based CLEC using fiber optic, wireless and radio technology.

Issuer:	Axtel SA
Amount:	$175 million (increased from $150 million)
Maturity:	Dec. 15, 2013
Security description:	Senior notes
Bookrunner:	Credit Suisse First Boston
Coupon:	11%
Price:	Par
Yield:	11%
Spread:	665 basis points
Call features:	Callable after Dec. 15, 2008 at 105.50, 103.667, 101.833, par on Dec. 15, 2011 and thereafter
Settlement date:	Dec. 16
Ratings:	Moody's: B2
	Standard & Poor's: B
Price talk:	11¼% area

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