Africa-focused Liquid Telecommunications talks $180 million tap of 8½% notes due 2022 in 104.5 area

By Paul A. Harris

Portland, Ore., Nov. 7 – Liquid Telecommunications Holdings Ltd. set initial price talk in the 104.5 area for a proposed $180 million add-on to its 8½% senior secured notes due July 13, 2022 (Ba3//B+), a market source said shortly after the London close on Tuesday.

Books were expected to close on Tuesday.

Citigroup, Standard Bank and Standard Chartered Bank are the joint bookrunners for the Rule 144A and Regulation S offering.

The notes are callable on July 13, 2020 at 104.25.

Proceeds will be used to refinance debt and for general corporate purposes.

The issuing entity will be wholly owned subsidiary Liquid Telecommunication Financing plc.

The London-based company owns and operates the largest pan-African fiber network.

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