Granite Broadcasting $300 million seven-year notes talked at 9¾%-10%

By Paul A. Harris

St. Louis, Dec. 5 - Price talk on Granite Broadcasting Corp.'s proposed $300 million of seven-year first lien notes is 9¾% to 10%, a syndicate source said Friday. The deal is expected to price on Monday.

JP Morgan will run the books on the Rule 144A deal. Banc of America Securities and Goldman Sachs are co-managers.

The notes, which will be non-callable for three years, contain a second lien on accounts receivable.

Granite Broadcasting plans to use proceeds to repay bank debt and to call the company's 10 3/8% notes and 9 3/8% notes at par.

The company is a New York City-based owner and operator of eight network-affiliated TV stations.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.