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Radio One talks $350 million seven-year notes to yield 7¼%-7½%; pricing Thursday
By Paul A. Harris
Portland, Ore., April 1 – Radio One Inc. talked its $350 million offering of seven-year senior secured notes (B2/B) to yield 7¼% to 7½%, according to an informed source.
Books close at 10 a.m. ET on Thursday, and the Rule 144A for life and Regulation S deal is set to price thereafter.
Credit Suisse Securities (USA) LLC is the bookrunner for the offering.
The notes become callable after three years at par plus 50% of coupon and feature a three-year 35% equity clawback and a 101% poison put.
The Washington, D.C.-based diversified media company plans to use the proceeds to finance the acquisition of ComCast Corp.’s 47.5% interest in TV One LLC.
Radio One primarily targets African American and urban consumers.
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