By Paul A. Harris
St. Louis, April 22 - Allbritton Communications Co. priced a $455 million issue of eight-year senior notes (B2/B/) at par to yield 8% on Thursday, according to an informed source.
The yield printed at the tight end of the 8% to 8¼% yield talk. The reoffer price came at the rich end of the zero to 1 point of discount talk.
Deutsche Bank Securities Inc. was the left bookrunner. Bank of America Merrill Lynch was the joint bookrunner.
Proceeds will be used to repay the existing 7¾% senior subordinated notes due 2012.
Allbritton Communications is an Arlington, Va.-based owner and operator of television stations.
| Issuer: | Allbritton Communications Co.
|
| Amount: | $455 million
|
| Maturity: | May 15, 2018
|
| Securities: | Senior notes
|
| Left bookrunner: | Deutsche Bank Securities Inc.
|
| Joint bookrunner: | Bank of America Merrill Lynch
|
| Coupon: | 8%
|
| Price: | Par
|
| Yield: | 8%
|
| Spread: | 460 bps
|
| Call protection: | Callable on May 15, 2014 at 104.0
|
| Trade date: | April 22
|
| Settlement date: | April 30
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: B
|
| Distribution: | Rule 144A with registration rights
|
| Price talk: | 8% to 8¼% with 0-1 point OID
|
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