AMC Networks to price $500 million eight-year notes on Wednesday; yield whispered in 5% area

By Paul A. Harris

Portland, Ore., July 19 – AMC Networks Inc. plans to price a $500 million offering of eight-year senior notes (expected ratings Ba3/BB) in a quick-to-market Wednesday transaction following a mid-morning conference call with investors, according to market sources.

Early guidance has the public deal coming with a yield in the 5% area, an investor said.

Citigroup Global Markets Inc. is the left bookrunner. BofA Merrill Lynch, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, BNP Paribas Securities Corp., Fifth Third Bank, Scotia Capital, SunTrust Robinson Humphrey Inc., U.S. Bancorp Investments Inc., Wells Fargo Securities LLC and Goldman Sachs & Co. are joint bookrunners.

The notes become callable after four years at par plus 50% of the coupon and feature a 101% poison put.

The New York-based cable network developer, owner and content provider plans to use the proceeds to reduce its existing $1.2 billion term loan A due 2019.

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