Digicel $550 million five-year secured notes whispered at 9%-9¼%; pricing Thursday

By Abigail W. Adams

Portland, Me., March 6 – Digicel International Finance Ltd. and Digicel Holdings Ltd. plan to price $550 million of five-year first-lien senior secured notes (expected B1//B) on Thursday with initial price talk of 9% to 9¼%, according to market sources.

Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Barclays, Credit Suisse Securities (USA) LLC and Deutsche Bank Securities Inc. are the bookrunners for the Rule 144A and Regulation S for life offering.

The notes are callable after two years at par plus 50% of the coupon.

There is an equity clawback of 40% at par plus the coupon within the first two years. There is a poison put at 101%.

Proceeds will be used to refinance Digicel’s short-term secured debt.

Digicel is a Kingston, Jamaica-based mobile phone network provider.

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