Rainbow sets price talk on $800 million two-part note offering, to price Friday

By Paul A. Harris

St. Louis, Aug. 11 - Price talk emerged Wednesday on Rainbow National Services LLC/RNS's $800 million two-part note offering, according to a syndicate source.

Price talk on $250 million of eight-year non-call-four-year senior notes (B3/CCC+) is 8½% to 8¾%.

Meanwhile, price talk on $550 million of 10-year non-call-five-year senior subordinated notes (Caa1/CCC+) is 9¾% to 10%.

Both offerings are expected to price on Friday morning.

Banc of America Securities, Bear Stearns & Co., Credit Suisse First Boston and JP Morgan are joint bookrunners for the Rule 144A for life issues.

Proceeds will be used to repay debt and fund a distribution to the parent company.

The issuer is a subsidiary of Cablevision. The company owns American Movie Classics, The Independent Film Channel and Women's Entertainment (WE).

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