Cable & Wireless sets Wednesday investor call for $500 million minimum eight-year notes offer

By Paul A. Harris

Portland, Ore., Oct. 3 – Cable & Wireless Communications Ltd. intends to place a minimum of $500 million of eight-year senior notes (expected ratings B2/BB-/BB-), according to market sources.

The deal was scheduled to be shopped on a Wednesday morning investor conference call. Further timing remains to be announced.

Initial price talk has the deal coming with a yield in the high 7% area, a trader said.

Citigroup Global Markets Inc. is the left lead bookrunner for the Rule 144A for life and Regulation S offering. BNP Paribas, Credit Suisse Securities (USA) LLC, Goldman Sachs & Co., ING, RBC Capital Markets LLC and Scotia Capital are also bookrunners.

The notes become callable after three years at par plus 50% of the coupon.

The issuing entity will be special purpose vehicle C&W Senior Financing DAC.

The London-based telecommunications company, which is owned by Liberty Global, plans to use the proceeds to refinance £147 million of its senior notes due 2019 and partially refinance $750 million of senior notes due 2022.

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