CommScope Holdings this afternoon completed an offering of PIK-toggle notes to fund a shareholder dividend. Bookrunners were J.P. Morgan, Bank of America, Deutsche Bank, and Goldman Sachs, and terms were finalized tight to talk. Issuance comes under Rule 144A for life, with expected ratings of B-/Caa1, sources note. In addition to funding the dividend, proceeds may be used for general corporate purposes, including potential acquisitions. The maker of communications cable equipment was acquired by Carlyle Group in early 2011 in a $3.9 billion transaction. Note that this is the tightest coupon on record for a PIK-toggle issue, according to LCD. Terms:
| Issuer | CommScope Holdings | |
| Ratings | B-/Caa1 | |
| Amount | $550 million | |
| Issue | senior PIK-toggle notes (144A for life) | |
| Coupon | 6.625% cash / 7.375% in kind | |
| Price | 100 | |
| Yield | 6.625% | |
| Spread | T+524 | |
| FRN eq. | L+505 | |
| Maturity | June 1, 2020 | |
| Call | nc3 @ par+50% coupon | |
| Trade | May 22, 2013 | |
| Settle | May 28, 2013 (t+3) | |
| Books | JPM/BAML/DB/GS | |
| Px talk | 6.75% area | |
| Notes | PIK coupon pays 7.375%. |