US fibre-operator Earthlink has revealed plans to offer US$300m seven-year senior secured notes.
The proceeds of the private sale will be used for a buyback, and Moody’s has assigned the issuance a Baa3 rating.
Together with cash-on-hand it will…
US fibre-operator Earthlink has revealed plans to offer US$300m seven-year senior secured notes.
The proceeds of the private sale will be used for a buyback, and Moody’s has assigned the issuance a Baa3 rating.
Together with cash-on-hand it will purchase all of the outstanding 10.5% senior secured notes due 2016 issued by subsidiary Deltacom, which it acquired in 2010.
Earlier this year Earthlink set out plans to buy back these notes with a new US$300m term loan, but it abandoned the refi at the start of March. At the time it said current capital market conditions were not as attractive as had been anticipated.
Atlanta, Georgia-based Earthlink operates an extensive fibre network and four secure data centres, offering broadband and VoIP alongside other internet services.
