TV Azteca Goes for Size

TV Azteca Goes for Size

Mexico

TV Azteca has priced a $500m 2020 NC4 bond as investors gravitated towards a BB high-yield transaction offering a decent pickup to outstanding 2018 bonds. The 7NC4 bond priced at 99.675 with a 7.625% coupon to yield 7.875%, tight to the 7.875%-area guidance and previous high-7% initial price talk. Proceeds from the issuer’s first international DCM transaction since May 2011 will repay $400m in debt, with $100m towards capex. A banker on the deal declined to disclose demand, but said Azteca saw g

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