By Paul A. Harris
St. Louis, Feb. 8 - Valor Telecommunications Enterprises LLC/Finance Corp. priced an upsized $400 million of 10-year senior notes (B1/B) at par to yield 7¾%, according to a syndicate source.
Price talk was in the 7 5/8% area.
Banc of America Securities LLC, JP Morgan and Merrill Lynch & Co. were joint bookrunners for the Rule 144A with registration rights offering. CIBC World Markets and Wachovia Securities were the co-managers.
The company upsized the bond offering by $120 million and decreased its term loan B by the same amount.
Proceeds will be used to repay bank debt.
Valor is an Irving, Texas-based telecom services provider.
| Issuer: | Valor Telecommunications Enterprises LLC/Finance Corp.
|
| Amount: | $400 million
|
| Maturity: | Feb. 15, 2015
|
| Security description: | Senior notes
|
| Bookrunners: | Banc of America Securities LLC, JP Morgan, Merrill Lynch
|
| Co-managers: | CIBC World Markets, Wachovia Securities
|
| Coupon: | 7¾%
|
| Price: | Par
|
| Yield: | 7¾%
|
| Spread: | 372 basis points
|
| Call features: | Callable after Feb. 15, 2010 at 103.875, 102.583, 101.292 and par on and after Feb. 15, 2013
|
| Equity clawback: | Until Feb. 15, 2008 for 35% at 107.75
|
| Trade date: | Feb. 8
|
| Settlement date: | Feb. 14
|
| Ratings: | Moody's: B1
|
| Standard & Poor's: B
|
| Price talk: | 7 5/8% area
|
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