Idearc to sell $2.85 billion 10-year notes

By Paul A. Harris

St. Louis, Oct. 23 - Idearc, Inc., a new public company formed by the spinoff of Verizon Communications Inc.'s directories businesses, began a roadshow on Monday for its $2.85 billion offering of 10-year senior notes (B2/B+), according to an informed source.

Pricing is expected on Nov. 1.

JP Morgan and Bear Stearns & Co. are the bookrunners for the notes, which are being marketed via Rule 144A with registration rights and Regulation S. Banc of America Securities LLC is the joint lead manager. The co-managers are Barclays Capital, Citigroup, ABN Amro, Credit Suisse, Merrill Lynch & Co. and Morgan Stanley.

Proceeds, in addition to proceeds from a $6.5 billion credit facility, will be used to finance the spinoff, primarily by making a cash distribution to Verizon Communications.

Idearc will be based in Dallas.

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