Axtel Plans To Raise $250 Million From Bond Sale

Mexican fixed-line phone operator Axtel is looking to raise $250 million via the issuance of 10-year senior unsecured notes to help take out the $311 million bridge loan, due May 2008, used to acquire local telco group Avantel. Credit Suisse is acting as sole bookrunner. The notes, which mature January 2017, have been rated BB minus by Standard & Poor’s. Axtel bought Avantel last December for $500 million, paying $310 million in cash and assuming $190 million worth of net debt.