By Paul A. Harris
Portland, Ore., June 2 – Lumen Technologies priced a $1 billion issue of eight-year senior notes (B2/BB-/BB) at par to yield 5 3/8% in a Wednesday drive-by, according to market sources.
The yield printed in the middle of yield talk in the 5 3/8% area and slightly wide to initial guidance in the low 5% area.
The deal was heard to be playing to around $1.2 billion of demand around noon ET on Wednesday, a trader said.
BofA Securities Inc. managed the notes sale.
The Denver-based telecommunications company plans to use the proceeds plus cash on hand for general corporate purposes, which are to include paying off at maturity its 6.45% series S senior notes due 2021.
| Issuer: | Lumen Technologies
|
| Amount: | $1 billion
|
| Maturity: | June 15, 2029
|
| Securities: | Senior notes
|
| Lead: | BofA Securities Inc.
|
| Coupon: | 5 3/8%
|
| Price: | Par
|
| Yield: | 5 3/8%
|
| Call protection: | Three years
|
| Trade date: | June 2
|
| Settlement date: | June 15
|
| Ratings: | Moody's: B2
|
| S&P: BB-
|
| Fitch: BB
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 5 3/8% area
|
| Marketing: | Drive-by
|
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