By Paul A. Harris
Portland, Ore., Sept. 23 – GCI, LLC priced an upsized $600 million issue of eight-year senior notes (B3/B) at par to yield 4¾% in a Wednesday drive-by, according to market sources.
The issue size increased from $350 million.
The yield printed in the middle of yield talk and initial guidance, both of which had the deal coming in the 4¾% area.
Truist Securities Inc. was the left bookrunner. Joint bookrunners were J.P. Morgan Securities LLC, Credit Agricole CIB, BofA Securities Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., MUFG and TD Securities (USA) LLC.
The Anchorage-based telecom plans to use the proceeds to redeem its 6 7/8% senior notes due 2025. The additional proceeds resulting from the $250 million upsizing of the deal will be used to refinance the 6 5/8% notes due 2024.
| Issuer: | GCI, LLC
|
| Amount: | $600 million, increased from $350 million
|
| Maturity: | Oct. 15, 2028
|
| Securities: | Senior notes
|
| Left bookrunner: | Truist Securities Inc.
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| Joint bookrunners: | J.P. Morgan Securities LLC, Credit Agricole CIB, BofA Securities Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., MUFG and TD Securities (USA) LLC
|
| Co-manager: | Citizens Capital Markets Inc. and Wells Fargo Securities LLC
|
| Coupon: | 4¾%
|
| Price: | Par
|
| Yield: | 4¾%
|
| Call protection: | Three years
|
| Trade date: | Sept. 23
|
| Settlement date: | Oct. 7
|
| Ratings: | Moody’s: B3
|
| S&P: B
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 4¾% area
|
| Marketing: | Drive-by
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