By Paul A. Harris
St. Louis, Jan. 28 - Dex Media Inc. priced a $250.476 million proceeds add-on to its senior discount notes due Nov. 15, 2013 (Caa2/B) Wednesday at 69.384 to yield 8¼%, market sources said.
The add-on has a face amount of $361 million.
Price talk was 7¾% to 8%.
JP Morgan ran the books on the Rule 144A issue. Lehman Brothers was the co-manager.
Proceeds will be used to fund a dividend to sponsors Welsh, Carson, Anderson & Stowe and The Carlyle Group.
The Englewood, Colo.-based issuer is the holding company of both Dex Media East and Dex Media West phone directory companies.
The original $250 million proceeds issue priced at 64.393 to yield 9%.
| Issuer: | Dex Media Inc.
|
| Face amount: | $361 million
|
| Proceeds: | $250.476 million
|
| Security description: | Add-on to senior discount notes due Nov. 15, 2013
|
| Bookrunner: | JP Morgan
|
| Co-manager: | Lehman Brothers
|
| Coupon: | Zero until Nov. 15, 2008, 9% thereafter
|
| Price: | 69.384
|
| Yield to worst: | 8¼%
|
| Spread: | 451 basis points
|
| Call features: | Callable on Nov. 15, 2008 at 104.5, 103, 101.5, par on Nov. 15, 2011 and thereafter
|
| Pricing date: | Jan. 28
|
| Settlement date: | Feb. 11
|
| Ratings: | Moody's: Caa2
|
| Standard & Poor's: B
|
| Price talk: | 7¾%-8%
|
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