The confirmation came as LCPR issued US$90 million of additional 6.75% Senior Secured Notes due 2027, to finance Liberty Latin America’s $1.95 billion acquisition deal.
Khoury, said: “We are pleased to see continued support and trust from our investor base. Since the announcement of our acquisition of AT&T’s assets in Puerto Rico & the USVI last October, we have made significant progress on the integration and regulatory approval process and remain on track to close the transaction later this year.
The transaction was executed on a Private Placement basis with a limited number of existing investors. The new notes priced at 102.5% of par, reflecting a yield to maturity of approximately 6.3%, and will increase the principal size of the Issuer's outstanding notes to $1,290 million.
Proceeds from the issuance have been placed into escrow and will support the funding of LCPR's $1.95 billion acquisition of AT&T's assets in Puerto Rico and the US Virgin Islands, expected to close in H2.
Khoury added: “We continue to be very excited about the combination with AT&T and the prospect of creating the leading integrated communications and entertainment provider in Puerto Rico.”
Liberty Latin America has previously said it will finance the $1.95 billion acquisition through a combination of $2.2 billion in borrowings on the combined Acquisition Assets and Liberty Puerto Rico, and around $750 million from Liberty Latin America’s committed liquidity of $2 billion on 30 June 2019.
