TW Telecom to Issue $800 Million in Debt
In an effort to repurchase $430 million of outstanding senior notes currently paying 8%, TW Telecom will offer a total of $800 million in a private placement of new senior notes to "qualified institutional investors" and "non-U.S. persons outside the United States," the company announced today.
The newly issued debt will consist of two offerings, one of $400 million due in 2022 and another of $400 million, which will come due in 2023. Both series of notes will pay fixed interest rates. However, the company did not announce what the rates will be.
After TW Telecom buys back the existing senior 8% notes, it will use the balance of the proceeds from its latest offering for "general corporate purposes," according to TW Telecom's announcement.
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