Brightstar talks $250 million five-year notes to yield 7½%-7¾%; pricing Friday

By Paul A. Harris

Portland, Ore., July 26 - Brightstar Corp. talked its $250 million offering of five-year senior notes (expected ratings B1/B+) to yield 7½% to 7¾%, a market source said on Friday.

In addition to releasing the price talk, Brightstar also increased the first call premium. The notes now become callable in two years at par plus 75% of the coupon; previously the first call premium was 50% of the coupon.

Books close at 11:30 a.m. ET Friday, and the deal is set to price thereafter.

J.P. Morgan Securities LLC, Goldman Sachs & Co. and Jefferies LLC are the joint bookrunners. HSBC Securities and PNC Capital Markets are the co-managers.

The notes are in the market with a Rule 144A and Regulation S with contingent registration rights format.

The Miami-based provider of services to the wireless industry plans to use the proceeds to repay ABL debt and for general corporate purposes.

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