Brightstar Corp., a global leader in services and solutions for the wireless industry, closed its High Yield Bond offering today. Brightstar issued $250 million in Senior Unsecured notes due in 2016. Brightstar will use proceeds from this offering to repay existing indebtedness.
Marcelo Claure, founder & CEO of Brightstar, stated, “This bond offering is an important step for Brightstar, as it provides us a permanent capital base and strong foundation to sustain our growing business. Brightstar continues to focus on driving innovation to our customers across the wireless ecosystem and this will further support that goal.”
Dennis Strand, Brightstar’s EVP and chief financial officer, commented, “The fact that Brightstar as a first time issuer was able to raise money in such a challenging market is a testament to the company and its disciplined management of its balance sheet.”
Prior to launching its high yield bond issuance, Brightstar received a Moody’s corporate family rating of Ba3 and rated the notes B1. Standard & Poor’s assigned Brightstar and the notes a BB- rating. Both agencies issued their ratings with a stable outlook.
Jefferies was the lead bookrunner on the deal and was joined by Goldman Sachs, JPMorgan, Barclays and Credit Suisse.
About Brightstar Corp.
Brightstar is a global services company providing solutions to Manufacturers, Operators, Retailers, and Enterprises serving the telecommunications industry. With sales and distribution facilities on six continents, Brightstar offers its customers the largest global reach, enabling the right product to be in the right place, at the right time. For more information on Brightstar, please visit www.brightstarcorp.com.