AMC Networks starts roadshow for $700 million 10-year senior notes

By Paul A. Harris

Portland, Ore., June 17 - AMC Networks Inc. started a roadshow on Friday for a $700 million offering of 10-year senior notes (B2/B+), according to an informed source.

The deal is set to price during the middle part of the week ahead.

Bank of America Merrill Lynch, J.P. Morgan Securities LLC, Barclays Capital Inc., Citigroup Global Markets Inc., Credit Agricole CIB, Credit Suisse Securities (USA) LLC, Goldman Sachs & Co., Morgan Stanley & Co. Inc., RBS Securities Inc., SunTrust Robinson Humphrey Inc., UBS Investment Bank and US Bancorp are the joint bookrunners.

BNP Paribas Securities Corp., Deutsche Bank Securities Inc. Guggenheim, Nomura, RBC Capital Markets and Scotia Capital are the co-managers.

The Rule 144A with registration rights notes come with five years of call protection and feature a 101% poison put.

The bond deal is part of the financing backing the spinoff of AMC Networks' subsidiary, Rainbow Media Holdings, from Cablevision Systems Corp.

The notes are being issued in connection with the distribution of all common stock of AMC Networks to holders of Cablevision common stock, which has owned and operated AMC Networks through its Rainbow Media Holdings subsidiary. Following the distribution and sale of the notes, Cablevision will no longer own any common stock of AMC Networks.

Cablevision is a Bethpage, N.Y.-based telecommunications, media and entertainment company.

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