By Paul A. Harris
Portland, Ore., April 2 – Radio One Inc. priced a $350 million issue of seven-year senior secured notes (B2/B) at par to yield 7 3/8% on Thursday, according to an informed source.
The yield printed in the middle of the 7¼% to 7½% yield talk.
Credit Suisse Securities (USA) LLC was the bookrunner.
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.
| Issuer: | Radio One, Inc.
|
| Amount: | $350 million
|
| Maturity: | April 15, 2022
|
| Securities: | Senior secured notes
|
| Bookrunner: | Credit Suisse Securities (USA) LLC
|
| Coupon: | 7 3/8%
|
| Price: | Par
|
| Yield: | 7 3/8%
|
| Spread: | 569 bps
|
| First call: | April 15, 2018 at 103.688
|
| Equity clawback: | 35% at 107.375 until April 15, 2018
|
| Change-of-control put: | 101%
|
| Trade date: | April 2
|
| Settlement date: | April 17
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: B
|
| Distribution: | Rule 144A for life and Regulation S
|
| Price talk: | 7¼% to 7½%
|
| Marketing: | Roadshow
|
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