Cable & Wireless Communications completed its US$500m bond issue earlier this week.
The issue was the final piece of financing relating to the demerger of Cable & Wireless Worldwide and Cable and Wireless Communications, which is due to be completed on…
Cable & Wireless Communications completed its US$500m bond issue earlier this week.
The issue was the final piece of financing relating to the demerger of Cable & Wireless Worldwide and Cable and Wireless Communications, which is due to be completed on March 26.
The seven-year senior secured notes pay an annual interest rate of 7.750% and received healthy demand from investors in Europe and the US.
The bond issue completes the capital structure of the C&W Communications after the unit also recently secured US$500m of new credit facilities. The combined US$1bn of funds will be used to repay existing debt and for capex and general corporate requirements.
Commenting on the US dollar bond raising, Cable & Wireless Communications Chief
Executive, Tony Rice, said: “The bond issue is the final piece of the capital structure we are putting in place before demerger. It provides us with a strong base on which to take Cable & Wireless Communications forward as an independent business. We have some great businesses, great market positions and a fantastic opportunity ahead of us. With the completion of this bond we now have the solid foundation to exploit that opportunity.”
Barclays Capital, BNP Paribas, JPMorgan, Lloyds TSB and RBS are all acting as financial advisers on the demerger.
Rothschild and Gleacher Shacklock are acting as joint sponsors and financial advisers to C&W.
