Columbus International to issue US$1.25bn unsecured notes
Barbados-based telecom provider Columbus International plans to issue senior unsecured notes for up to US$1.25bn which will be due in 2021, according to ratings agency Standard & Poor's (S&P).
Proceeds from the notes issuance are expected to cover the company's current US$852mn debt, compensate shareholders for US$100mn, fund the Lazus acquisition and be distributed for general corporate purposes.
S&P assigned a B issue-level rating to the notes while also affirming Columbus' B corporate credit rating with a stable outlook.
With the company decreasing its financial leverage, the stable outlook reflects S&P's anticipation of 20% revenue growth in 2014 and above 10% in subsequent years.
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