UK-based operator Cable & Wireless Communications (CWC) has increased the size of its offering of senior secured notes due 2020 by US$50m to US$400m.
In a statement, CWC said that the notes will bear interest at 8.75% per annum. CWC expects the notes to…
UK-based operator Cable & Wireless Communications (CWC) has increased the size of its offering of senior secured notes due 2020 by US$50m to US$400m.
In a statement, CWC said that the notes will bear interest at 8.75% per annum. CWC expects the notes to be issued on or about 26 January 2012.
The notes will be issued by Sable International Finance, a CWC subsidiary. They will be guaranteed by CWC and some of its subsidiaries.
CWC said that the net proceeds of the offering would be used to repay the company’s £200m bonds due in August 2012 and a portion of the outstanding borrowings under its credit facilities.
The bookrunners for the offering are Barclays, HSBC, JP Morgan and RBS.
This comes after CWC secured US$600m in credit facilities in October 2011.
CWC’s CFO, Tim Pennington, said: “We are delighted by the extremely positive response to our bond issue, which was the final piece of our US$1billion refinancing plan. In the face of very strong demand we increased the size of the issue to US$400m.”
