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CWC announces pricing of $750m notes

03 August 2015 08:05

Cable & Wireless Communications has priced the offering of $750m aggregate principal amount of senior notes due 2022 to be issued by its finance subsidiary, Sable International Finance Limited.

The notes will bear interest at 6.875% per annum, payable semi-annually in arrears on 1 February and on 1 August of each year, beginning on 1 February 2016.

The notes are expected to be issued on 5 August. The notes are unsecured and guaranteed by CWC and certain of its subsidiaries.

The net proceeds from the offering will be used primarily to repay a $390m senior secured two-year term facility and a $300m senior unsecured two-year term facility, the initial proceeds of which were used to finance a portion of the consideration for the acquisition of Columbus International Inc. The remaining net proceeds will be used for general corporate purposes.

At 8:05am: (LON:CWC) Cable Wireless Communications Plc share price was -0.07p at 63.98p

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