By Paul A. Harris
Portland, Ore., Oct. 8 – Brightstar Corp. priced its $420 million issue of five-year senior secured notes (B2/B-) at par to yield 9¾% on Thursday, according to a syndicate source.
The yield printed at the wide end of the 9½% to 9¾% yield talk.
Jefferies LLC ran the books.
The notes were sold via Brightstar Escrow Corp.
Proceeds will be used to fund the acquisition of the Miami-based wireless communications company by Brightstar Capital Partners.
| Issuer: | Brightstar Escrow Corp. (to be merged with and into Brightstar Corp. upon closing of acquisition)
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| Amount: | $420 million
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| Maturity: | Oct. 15, 2025
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| Securities: | Senior secured notes
|
| Bookrunner: | Jefferies LLC
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| Coupon: | 9¾%
|
| Price: | Par
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| Yield: | 9¾%
|
| First call: | Oct. 25, 2022 at 102.875
|
| Trade date: | Oct. 8
|
| Settlement date: | Oct. 15
|
| Ratings: | Moody's: B2
|
| S&P: B-
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 9½% to 9¾%
|
| Marketing: | Roadshow
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