Alcatel taps seven year high yield bond for another $250m
Alcatel Lucent, the US-French telecoms equipment producer, has tapped its 6.75% 2020 bond, issued three weeks ago. The new $250m portion was priced at par, boosting the total bond size to $1bn.
Alcatel will use the proceeds of the tap, together with cash on hand, to repay its €298m senior secured term loan facility due 2019.
Citi was the bookrunner on the tap of the B3/CCC+ rated bond. According to CreditSights, the original issue was trading around 100.625.
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