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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Savvis, Inc. (MM) | NASDAQ:SVVS | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 39.50 | 0 | 01:00:00 |
Internet and telecommunications giant CenturyLink Inc. hit the market with a three-part debt offering Thursday, in part to help fund its $2.5 billion acquisition of cloud technology company Savvis Inc., according to people familiar with the transaction.
The offering of senior notes will be benchmark in size, meaning at least $500 million in bonds are expected to be sold, these people added.
It will comprise new six-year and 10-year notes, and a reopening of the company's existing 7.6% bonds due 2039. Some $400 million of the 2039 bonds are outstanding.
The new debt is expected to be rated Baa3 by Moody's Investors Service, BB by Standard & Poor's and BBB-minus by Fitch Ratings. As well as the merger with Savvis, proceeds may be used for general corporate purposes, such as retiring debt.
Barclays Capital and Bank of America Merrill Lynch are leading the sale targeted at institutional buyers. Supporting the deal are J.P. Morgan Chase and Wells Fargo.
Qwest Communications, a wholly owned subsidiary of CenturyLink, was in the market last month with 40-year bonds sold predominantly to individual or "retail" investors. Proceeds of that deal were aimed at retiring 7.875% bonds maturing later this year.
A CenturyLink representative had no immediate comment.
-By Katy Burne, Dow Jones Newswires; 212-416-3084; katy.burne@dowjones.com
1 Year Savvis, Inc. (MM) Chart |
1 Month Savvis, Inc. (MM) Chart |
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