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Digicel upsized secured 1L bonds price at par to yield 8.75%; terms

Digicel has priced $600 million (upsized from $550 million) of five-year, first-lien senior secured notes at the tight end of guidance, sources said.

Citi was lead bookrunner for the bonds, which are issued via subsidiaries Digicel Holdings (Bermuda) Limited and Digicel International Finance Limited (DIFL). Proceeds will be used to repay any funds drawn under DIFL’s $100 million secured revolving facility, to repay all or a portion of DIFL’s $300 million A term loan facility, and for general corporate purposes.

Digicel is a provider of wireless communication services in the Caribbean and South Pacific regions, owned by Denis O'Brien.

Terms:

Issuer

Digicel

Ratings

B1/B (Moody's/Fitch)

Amount

$600 million

Issue

Secured first-lien (144A/Reg S for life)

Coupon

8.75%

Price

100

Yield

8.75%

Spread

T+630

Maturity

May 25, 2024

Call

non-call two (first call @ par +50% coupon)

Trade

March 7, 2019

Settle

March 15, 2019 (T+6)

Bookrunners

C/JPM/Barc/CS/DB

Price talk

9% area

Notes

Upsized from $550 million; up-to-40% equity claw @ 108.75 until May 25, 2021; change of control put @ 101; make-whole @ T+50