Published on 7/16/2008 in the Prospect News High Yield Daily.
New Issue: HSN prices $240 million 11¼% eight-year notes at 99.352 to yield 11 3/8%
By Paul A. Harris
St. Louis, July 16 - HSN, Inc. priced a slightly downsized $240 million issue of 11¼% eight-year senior notes (Ba2/BB) at 99.352 to yield 11 3/8% on Wednesday, according to an informed source.
The yield was printed 37.5 basis points beyond the wide end of the 10¾% to 11% price talk.
Banc of America Securities LLC, JP Morgan and Morgan Stanley were joint bookrunners for the Rule 144A with registration rights/Regulation S issue, which was downsized from $250 million.
Proceeds are to be used in conjunction with spin off of the New York-based television and online retail services provider, formerly the Home Shopping Network, from IAC/InterActiveCorp.
Issuer: | HSN, Inc.
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Amount: | $240 million (decreased from $250 million)
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Maturity: | Aug. 1, 2016
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Security description: | Senior notes
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Bookrunners: | Banc of America Securities LLC, J.P. Morgan Securities Inc., Morgan Stanley
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Senior co-managers: | Barclays Capital, Merrill Lynch & Co., Wachovia Securities
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Co-managers: | Daiwa Securities, Scotia Capital, BB&T, Morgan Keegan, Fifth Third, Wells Fargo Securities
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Coupon: | 11¼%
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Price: | 99.352
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Yield: | 11 3/8%
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Spread: | 761 bps
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Call protection: | Four years
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Equity clawback: | Until Aug. 1, 2011 for 357 at 111.25
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Trade date: | July 16
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Settlement date: | July 28
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Ratings: | Moody's: Ba2
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| Standard & Poor's: BB
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Distribution: | Rule 144A with registration rights/Regulation S
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Price talk: | 10¾% to 11%
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