Published on 3/28/2012 in the Prospect News High Yield Daily.
New Issue: Harron Communications prices $225 million eight-year notes at par to yield 9 1/8%
By Paul A. Harris
Portland, Ore., March 28 - Harron Communications, LP priced a $225 million issue of eight-year senior notes (Caa1/B-/) at par to yield 9 1/8% on Wednesday, according to an informed source.
The yield printed in the middle of the 9% to 9¼% yield talk.
SunTrust Robinson Humphrey and Wells Fargo Securities LLC were the joint bookrunners.
The Frazer, Pa.-based cable services provider plans to use the proceeds to fund the redemption of the remaining 25% equity interest of BV Investment Partners and to repay a portion of its outstanding term loans.
Issuer: | Harron Communications, LP
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Amount: | $225 million
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Maturity: | April 1, 2020
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Securities: | Senior notes
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Bookrunners: | SunTrust Robinson Humphrey, Wells Fargo Securities LLC
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Co-managers: | Mitsubishi UFJ, US Bancorp
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Coupon: | 9 1/8%
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Price: | Par
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Yield: | 9 1/8%
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Call features: | Callable on April 1, 2016 at 104.563, 102.281, par on and after April 1, 2018
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Trade date: | March 28
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Settlement date: | April 3
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Ratings: | Moody's: Caa1
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| Standard & Poor's: B-
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Distribution: | Rule 144A for life
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Marketing: | Roadshow
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