C&M premieres its debut international bond

Korean CATV provider launches new issue to the tune of a $7 billion-plus order book.
January 24, 2006
South Korean cable TV company, CM Communications has become the latest Asian issuer to take advantage of the recent glut in liquidity, pricing an upsized dual tranche $650 million deal early on Tuesday January 24. Citigroup and Goldman Sachs were joint leads on the Reg-S144A deal, which closed 11 times oversubscribed despite closing its books early.

The Ba2BB rated offering, upsized from $550 million to $650 million, has a $450 million 10-year non-call five-year fixed rate tranche and a $200 million five-year bullet FRN.

When initial guidance was released last Thursday - at 8.25% to 8.5% for the 10-year and 275bp over Libor for the five-year, the books had already...

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