Interval Acquisition talks $300 million eight-year notes at 10¾%-11%

By Paul A. Harris

St. Louis, July 15 - Interval Acquisition Corp. set price talk for its $300 million offering of eight-year senior notes (B1/BB) at 10¾% to 11% on Tuesday, according to an informed source.

The order books are scheduled to close late Wednesday afternoon. Pricing is expected mid-week.

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

The notes will come with four years of call protection.

Proceeds will be used to fund a dividend prior to the spinoff of the company from IAC/InterActiveCorp.

The prospective issuer is a New York-based diversified services provider to retailing, transactions, media and advertising and membership and subscriptions sectors.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.