UK-based operator Cable & Wireless Communications has launched an offering of US$350m in senior secured notes due 2020 in order to repay existing debt.
In a statement, Cable & Wireless Communications said that the notes will be issued by its subsidiary,…
UK-based operator Cable & Wireless Communications has launched an offering of US$350m in senior secured notes due 2020 in order to repay existing debt.
In a statement, Cable & Wireless Communications said that the notes will be issued by its subsidiary, Sable International Finance, but would be guaranteed by Cable & Wireless Communications and certain subsidiaries.
Cable & Wireless Communications confirmed that it expects to use the proceeds of the offering to repay £200m of senior unsecured notes due 2012 by its subsidiary, Cable & Wireless Limited and also part of the amount drawn under the revolvers (US$600m maturing in 2016) held by Sable International Finance.
The bookrunners for the offering are Barclays, JP Morgan, HSBC and RBS.
Ratings agency Moody’s gave the proposed bond offering a rating of Ba2.
The five-year US$600m revolver was signed by Cable & Wireless Communications in October 2011. The company said in its interim results that the credit facility would secure “a large bulk of our near term funding needs on improved terms”.
This credit facility was co-ordinated by BNP Paribas and Lloyds Banking Group.
Barclays, Citigroup, HSBC, JP Morgan and RBS were bookrunners and mandated lead arrangers. WestLB was a mandated lead arranger. Bank of Ireland was a lead arranger.
London-based Cable & Wireless Communications provides telecoms and related services in the Caribbean, Macau, Monaco and Islands, and Panama.
It operates in the Caribbean through the LIME brand.
