NII Draws Large High-Yield Crowd

NII retapped its existing 7.625% 2021 bonds for $700m, upsizing from an original $500m size. The US-based operator of LatAm wireless assets, reopened the bonds at 98.50 to yield 7.852% or UST+600bp, in line with 98.50-area guidance. Order books came in excess of $1.4bn from a predominantly high yield focused audience. Proceeds are for general corporate purposes. Credit Suisse, Deutsche Bank, Goldman Sachs and JPMorgan led the B2/B+ transaction, done through the NII Capital unit. In the original transaction priced in March, NII issued $750m of the bonds to yield 7.625%, through Goldman Sachs, Credit Suisse, Deutsche Bank, JPMorgan and Morgan Stanley. NII is a provider of fully-integrated mobile communication services in Latin America.