adding even more to the war chest, WCII increased one of the two debt issues by $100M.
for those keeping score, the original plan (last week's plan) was to raise $500M via a three part offering: $200M of senior subordinated notes, $150M of senior subordinated interest-deferred notes, and $150M of preferred stock. Since then, the amount of preferred stock has grown $50M to $200M and the interest-deferred tranche has grown $100M to $250M.
new total: $650M.
mark
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NEW YORK (Dow Jones)--Winstar Communications Inc. (WCII) priced $450 million of senior subordinated notes in two parts in the Rule 144a market via lead manager Credit Suisse First Boston, according to MCM CorporateWatch.
Terms for the first tranche, senior subordinated notes, were as follows:
Amount: $200 million
Maturity: March 15, 2008
Coupon: 10%
Issue Price: Par
Spread: 448 basis points over Treasurys
Settlement: March 20, 1998 (flat)
Call Date: Noncallable for five years then at 105, 103.333, 101.667, Par
Terms for the second tranche, senior subordinated deferred interest notes, were as follows:
Amount: $250 million
Maturity: March 15, 2008
Coupon: 11%
Issue Price: Par
Spread: 548 basis points over Treasurys
Settlement: March 20, 1998 (flat)
Call Date: Noncallable for five years then at 105.50, 103.667, 101.833, Par
(The second tranche includes a 5-year zero coupon that accretes up to 170.62 on March 15, 2003 and was increased from an original $150 million amount.)
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