Columbus International completes US$1.25bn bond offering
Barbados-based telecom provider Columbus International closed its US$1.25bn bond offering of senior unsecured notes, according to a company release.
Citigroup (NYSE: C), JPMorgan Chase (NYSE: JPM) and RBC Capital Markets led the transaction which saw notes issued at a 7.375% coupon, priced at par and set to mature in 2021.
The proceeds are expected to retire previous notes issuances of US$640mn (senior secured at 11.5%) and US$212mn (senior unsecured at 9.5%) as well as fund early redemption fees on the two notes. The balance of proceeds may also be used for general corporate purposes, including to finance a previously announced acquisition of Colombian telecom infrastructure provider Lazus, in addition to potentially compensating shareholders up to US$100mn.
The closing, stated to be six times oversubscribed with an order book around US$8bn, drew demand from over 300 investors worldwide.
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