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Commentary & Deal Flow

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by Stephen Carter

Apr 01, 2026 3:40 PM ET

EM PRICED: Liquid Telecom US$300m 5NC2 Sr Sec; 10.750% at 100

HYC European Market: Deal Flow - General

Issuer	Term	Call	Coupon	Maturity	Size	Ranking	Type	Price	Yield	IPT-PXD
Liquid Telecommunications Financing Plc	5NC2	2y	10.750%	14-Apr-31	US$300m	Sr Sec	Fixed	100	10.750%	-25

Reoffer: 10.750% / 100 / 10.750%

Benchmark: UST 3.375% 03/31/31 +680.7bp

Final Books: >US$750m (excl JLM Interest)

Launched: 5NC2: US$300m @ 10.750%
IPTs: 5NC2: 11%a

Issuer: Liquid Telecommunications Financing Plc
Issue Rating: Caa1 by Moody's and B- by S&P
Ranking: Senior Secured
Format: 144A / Reg S without Registration Rights
Tenor: 5-year
Call Option: 5NC2
Maturity: 14-Apr-31
Pricing date: 01-Apr-26
Settlement: 14-Apr-26
Size: US$3000,000,000
Reoffer: 100 / 10.750% Yield
Coupon: 10.750% Fixed, semi-annual, 30 / 360
Use of Proceeds: along with Rand-denominated ($210m equivalent) and US$150m term loans, to tedeem its $620m 5.50% sr sec notes due 09/04/26 at 100, and GCP
Change of Control: Investor put at 101%
Optional Redemption: NC2
Denoms: US$ 200k x 1k
Listing / Law: Dublin / New York Law
Joint Bookrunners: JPM (B&D)/Rand Merchant Bank/Standard Bank
ISINs: 144A: US536333AC15 / Reg S XS3330165674
Biz: Telecom services in Africa