NEW YORK-Cable & Wireless Communications plc, the London-based international telecommunications conglomerate, sold a $1.8 billion Yankee bond issue March 4, through an underwriting syndicate led by HSBC Securities Inc and Merrill Lynch & Co.
The issue was divided into three tranches: $750 million due 2003 and priced to yield 6.5 percent; $650 million due 2005 and priced to yield 6.9 percent; and $400 million due 2008 and priced to yield 6.8 percent.
The debt issuance received investment grade ratings of Baa1 from Moody’s Investors Service Inc. and A- from Standard & Poor’s Corp.
