Brightstar Prices €500M Senior Secured Notes at 4.875% Due 2032
BRSL is trading near its 52-week low of $9.9 (12% above the low).
Summary
Brightstar priced €500M of 4.875% senior secured notes due 2032 at 99.360% of nominal, with settlement expected September 17. Proceeds will fund the tender offer for its 2.375% notes due 2028, repay revolver borrowings, and cover fees. This follows the September 8 announcement of the tender and new issuance; today's pricing locks in the coupon and discount. The refinancing extends maturity and likely increases interest cost, but the company recently reported strong Q2 EBITDA and has been reducing debt. Watch for completion of the tender offer and any impact on leverage ratios.
At the time of this announcement, BRSL was trading at $11.12 on NYSE in the Trade & Services sector, with a market capitalization of approximately $2B. The 52-week trading range was $9.90 to $18.57. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: PR Newswire.