WaveDivision talks $150 million five-year PIK toggle notes at 8 3/8% area; pricing Wednesday

By Paul A. Harris

Portland, Ore., June 17 – WaveDivision Holdings LLC talked its $150 million offering of five-year PIK toggle notes (Caa1/B-) to yield in the 8 3/8% area, according to market sources.

The deal is set to price on Wednesday.

Deutsche Bank Securities Inc., Wells Fargo Securities LLC, RBC Capital Markets LLC and SunTrust Robinson Humphrey Inc. are managing the Rule 144A and Regulation S for life transaction.

The notes come with one year of call protection.

The Kirkland, Wash.-based broadband cable company plans to use the proceeds to fund a dividend.

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