Equinix to Price $500M in Junk Bonds for Acquisition
February 23, 2010
Equinix plans to sell $500 million in high yield bonds to pay for expenses related to an acquisition. Joint bookrunners Citigroup and JPMorgan are conducting a road show that is expected to begin today and close Thursday with the deal pricing.
The Foster City, Calif.-based data services provider said it plans to issue $500 million in senior notes due 2018 to help repay debt connected with its proposed acquisition of Switch & Data Facilities. It will also use the funds for other purposes, including other expansion plans and debt repayment.
Moody’s Investors Service rates the proposed notes Ba2, and Standard & Poor’s assigned a BB- rating.
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