US-based cableco Cequel Communications, which operates as Suddenlink Communications, has launched a US$500m private offering of senior notes.
The notes, which are due to mature in 2021, carry an annual coupon of 5.125% and priced at 97.25 to yield…
US-based cableco Cequel Communications, which operates as Suddenlink Communications, has launched a US$500m private offering of senior notes.
The notes, which are due to mature in 2021, carry an annual coupon of 5.125% and priced at 97.25 to yield 5.27%.
They cannot be interchanged with the issuer’ existing US$750m 5.125% senior notes due 2021, which were issued in May 2013, according to a company statement. The notes are offered only to qualified institutional investors and persons outside the US.
Proceeds from the offering, along with cash on hand, will be used to distribute US$600m to holders of equity interests in Cequel and to pay related costs, fees and expenses.
Missouri-based Suddenlink was bought by its management team in 2012. CEO Jerry Kent teamed up with PE firm BC Partners and Canadian pension fund CPP Investment Board (CPPIB) for the US$6.6bn deal.
