By Paul A. Harris
Portland, Ore., Feb. 10 - Israel-based B Communications Ltd. priced an upsized $800 million issue of seven-year senior secured notes (/BB-/BB-) at par to yield 7 3/8% on Monday, according to a press release from the company.
The yield printed at the tight end of yield talk in the 7½% area.
The deal was upsized from $775 million.
In a restructuring, the telecommunications company withdrew a proposed euro-denominated carve-out tranche.
JPMorgan, Citigroup, HSBC and Discount Underwriting and Issuing Ltd. were the joint bookrunners.
The Ramat Gan, Israel-based telecommunications-oriented holding company plans to use the proceeds to repay all amounts outstanding under the loans it incurred to acquire its controlling interest in Bezeq - The Israel Telecommunications Corp. Ltd. and to deposit funds into a debt service account.
In addition, subject to the completion of the note offering, B Communications intends to redeem all of its outstanding series A debentures, of which there were NIS 186 million as of Sept. 30, using its unrestricted cash on hand.
| Issuer: | B Communications Ltd.
|
| Amount: | $800 million, increased from $775 million
|
| Maturity: | Feb. 15, 2021
|
| Securities: | Senior secured notes
|
| Bookrunners: | JPMorgan, Citigroup, HSBC, Discount Underwriting and Issuing Ltd.
|
| Coupon: | 7 3/8%
|
| Price: | Par
|
| Yield: | 7 3/8%
|
| Spread: | 527 bps
|
| Call protection: | Callable on Feb. 15, 2017 at 105.531
|
| Trade date: | Feb. 10
|
| Settlement date: | Feb. 19
|
| Ratings: | Standard & Poor's: BB-
|
| Fitch: BB-
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 7½% area
|
| Marketing: | Roadshow
|
© 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.
