Published on 6/3/2015 in the Prospect News High Yield Daily.
New Issue: Cable ONE prices $450 million seven-year notes at par to yield 5¾%
By Paul A. Harris
Portland, Ore., June 3 – Cable ONE, Inc. priced a $450 million issue of seven-year senior notes (B1/BB) at par to yield 5¾% on Wednesday, according to a market source.
The yield printed on top of yield talk.
J.P. Morgan Securities LLC and Wells Fargo Securities LLC were the joint bookrunners.
Proceeds, together with cash on hand, will be used to pay a special one-time cash dividend to Graham Holdings Co. in connection with the spinoff of Cable ONE from Graham Holdings.
Phoenix-based Cable ONE owns and operates cable systems in 19 midwestern, western and southern states.
| Issuer: | Cable ONE, Inc.
|
| Amount: | $450 million
|
| Maturity: | June 15, 2022
|
| Securities: | Senior notes
|
| Bookrunners: | J.P. Morgan Securities LLC, Wells Fargo Securities LLC
|
| Co-managers: | BofA Merrill Lynch, TD Securities, U.S. Bancorp Investments Inc., SunTrust Robinson Humphrey Inc., RBC Capital Markets
|
| Coupon: | 5¾%
|
| Price: | Par
|
| Yield: | 5¾%
|
| Spread: | 364 bps
|
| Call protection: | Three years
|
| Trade date: | June 3
|
| Settlement date: | June 17
|
| Ratings: | Moody's: B1
|
| Standard & Poor's: BB
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 5¾% area
|
| Marketing: | Roadshow
|
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