Published on 1/25/2021 in the Prospect News High Yield Daily.
New Issue: AMC Networks prices upsized $1 billion 4¼% eight-year notes at par
By Paul A. Harris
Portland, Ore., Jan. 25 – AMC Networks Inc. doubled the size of its deal to $1 billion from $500 million, pricing its issue of eight-year senior notes (Ba3/BB) at par to yield 4¼% in a Monday drive-by, according to market sources.
The yield printed at the tight end of the 4¼% to 4½% yield talk. Initial price talk was in the mid 4% area.
The deal was well oversubscribed at price talk, a trader said.
J.P. Morgan Securities LLC was at the left of a syndicate of bookrunners that also included BofA Securities, Inc., Citigroup Global Markets Inc., Mizuho Securities USA LLC, Truist Securities Inc., Wells Fargo Securities LLC, BNP Paribas Securities Corp., Fifth Third Securities Inc., Morgan Stanley & Co. LLC, Scotia Capital (USA) Inc., U.S. Bancorp Investments Inc. and Barclays.
The New York-based entertainment company plans to use the proceeds to redeem 4¾% senior notes due December 2022 and the 5% senior notes due April 2024 at 102.5.
| Issuer: | AMC Networks Inc.
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| Amount: | $1 billion, increased from $500 million
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| Maturity: | Feb. 15, 2029
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| Securities: | Senior notes
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| Bookrunners: | J.P. Morgan Securities LLC, BofA Securities, Inc., Citigroup Global Markets Inc., Mizuho Securities USA LLC, Truist Securities Inc., Wells Fargo Securities LLC, BNP Paribas Securities Corp., Fifth Third Securities Inc., Morgan Stanley & Co. LLC, Scotia Capital (USA) Inc., U.S. Bancorp Investments Inc. and Barclays
|
| Coupon: | 4¼%
|
| Price: | Par
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| Yield: | 4¼%
|
| Spread: | 353 bps
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| Call protection: | Three years
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| Trade date: | Jan. 25
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| Settlement date: | Feb. 8
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| Ratings: | Moody’s: Ba3
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| S&P: BB
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| Distribution: | SEC registered
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| Price talk: | 4¼% to 4½%
|
| Marketing: | Drive-by
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