By Rebecca Melvin
New York, July 7 – Liquid Telecommunications Holdings Ltd. priced a downsized $550 million of 8˝% five-year senior secured bonds (expected: Ba3//B+) at par, a market source said.
The deal was initially talked at $600 million in size.
Citibank, Standard Chartered and Standard Bank are joint lead managers and bookrunners for the Rule 144A and Regulation S bonds, which are non-callable for three years.
The new issue, which priced Thursday, comes after a roadshow that took place during the week of June 23.
Proceeds will be used to refinance existing debt and for other general corporate purposes.
Liquid Telecommunications is a subsidiary of Econet Wireless International Ltd., a Johannesburg, South Africa-based telecommunications company.
Issuer: | Liquid Telecommunications Holdings Ltd.
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Amount: | $550 million, downsized from $600 million
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Maturity: | 2022
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Description: | Senior secured bonds
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Bookrunners: | Citibank, Standard Chartered and Standard Bank
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Coupon: | 8˝%
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Price: | Par
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Yield: | 8˝%
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Call: | Non-callable for three years
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Trade date: | July 6
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Expected ratings: | Moody’s: Ba3
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| Fitch: B+
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Distribution: | Rule 144A and Regulation S
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Marketing: | Roadshow
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