By Paul A. Harris
St. Louis, Dec. 6 - Allbritton Communications Co. priced a rapidly marketed offering of $275 million of senior subordinated notes due Dec. 15, 2012 (B3/B-) at par to yield 7¾% on Friday, according to a syndicate source.
Price talk was for a yield in the 7¾% area.
Deutsche Bank Securities Inc. was the bookrunner. Fleet Securities was co-manager.
Proceeds from the Rule 144A notes will be used to redeem the $271.25 million of 9¾% senior subordinated notes due Nov. 30, 2007.
The issuer is a Washington, D.C.-based television company.
Issuer: Allbritton Communications Co.
Amount: $275 million
| Maturity: | Dec. 15, 2012
|
| Description of securities: | Senior subordinated notes
|
| Bookrunner: | Deutsche Bank Securities
|
| Co-manager: | Fleet Securities
|
| Coupon: | 7¾%
|
| Price: | Par
|
| Yield: | 7¾%
|
| Price talk: | 7¾% area
|
| Spread: | 367 basis points
|
| Call features: | Callable on Dec. 15, 2007 at 103.875, then at 102.583, 101.292, declining to par on Dec. 15, 2012 and thereafter
|
| Equity clawback: | Until Dec. 15, 2005 for 35% at 107.75
|
| Settlement date: | Dec. 20, 2002 (T+10)
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B-
|
| Rule 144A Cusip: | 016745AG6
|
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