By Paul A. Harris
Portland, Ore., June 9 – West Corp. priced a $400 million issue of five-year senior secured notes (Ba3/BB) at par to yield 4¾% on Thursday, according to market sources.
The yield printed on top of yield talk.
Early guidance had the deal coming with a yield in the high 4% context, a trader said.
Wells Fargo Securities LLC was the left bookrunner for the Rule 144A and Regulation S for life offering. Deutsche Bank Securities Inc., BofA Merrill Lynch, Citizens, BMO Securities, HSBC, J.P. Morgan Securities LLC, Mizuho Securities and Morgan Stanley & Co. LLC were the joint bookrunners.
The notes come with two years of call protection. A special call provision allows issuer to redeem 10% of the notes annually at 103 during the non-call period.
The Omaha-based technology-driven communication services provider plans to use the proceeds to partially refinance its term loan B-10 and fully refinance its term loan B-11.
| Issuer: | West Corp.
|
| Amount: | $400 million
|
| Maturity: | July 15, 2021
|
| Securities: | Senior secured notes
|
| Left bookrunner: | Wells Fargo Securities LLC
|
| Joint bookrunners: | Deutsche Bank Securities Inc., BofA Merrill Lynch, Citizens, BMO Securities, HSBC, J.P. Morgan Securities LLC, Mizuho Securities, Morgan Stanley & Co. LLC
|
| Coupon: | 4¾%
|
| Price: | Par
|
| Yield: | 4¾%
|
| Spread: | 353 bps
|
| Call protection: | Two years
|
| Special call: | 10% of the notes may be redeemed annually at 103 during the non-call period
|
| Trade date: | June 9
|
| Settlement date: | June 17
|
| Ratings: | Moody's: Ba3
|
| S&P: BB
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 4¾% area
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
