Published on 6/22/2011 in the Prospect News High Yield Daily.
New Issue: AMC Networks prices $700 million 10-year notes at par to yield 7¾%
By Paul A. Harris
Portland, Ore., June 22 - AMC Networks, Inc. priced a $700 million issue of 10-year senior notes (B2/B+/) at par to yield 7¾% on Wednesday, according to an informed source.
The yield printed on top of price talk.
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 were the joint bookrunners.
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.
| Issuer: | AMC Networks, Inc.
|
| Amount: | $700 million
|
| Maturity: | July 15, 2021
|
| Securities: | Senior notes
|
| Bookrunners: | 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, US Bancorp
|
| Co-managers: | BNP Paribas Securities Corp., Deutsche Bank Securities Inc., Guggenheim, Nomura, RBC Capital Markets, Scotia Capital
|
| Coupon: | 7¾%
|
| Price: | Par
|
| Yield: | 7¾%
|
| Spread: | 480 bps
|
| Call features: | Callable at 103.875 on July 15, 2016, 102.583, 101.292, par on and after July 15, 2019
|
| Trade date: | June 22
|
| Settlement date: | June 30
|
| Ratings: | Moody's: B2
|
| Standard & Poor's B+
|
| Distribution: | Rule 144A and Regulation S with registration rights
|
| Price talk: | 7¾% area
|
| Marketing: | Roadshow
|
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