HSN sets talk for $250 million eight-year senior notes at 10¾%-11%

By Paul A. Harris

St. Louis, July 15 - HSN, Inc. set price talk for its $250 million offering of eight-year senior notes (Ba1/BB) at 10¾% to 11% on Tuesday, according to an informed source.

The books are scheduled to close early Wednesday afternoon, with the notes expected to price thereafter.

Banc of America Securities LLC, J.P. Morgan Securities Inc. and Morgan Stanley are joint bookrunners for the Rule 144A with registration rights offering. Barclays Capital, Merrill Lynch & Co. and Wachovia Securities are senior co-managers. Scotia Capital is a co-manager.

The notes will come with four years of call protection.

Proceeds are to be used in conjunction with the spinoff of the New York-based television and online retail services provider, formerly the Home Shopping Network, from IAC/InterActiveCorp.

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