Reader's Digest $300 million seven-year notes talked at 6½%-6¾%, to price Friday

By Paul A. Harris

St. Louis, Feb. 26 - Price talk is 6½% to 6¾% on The Reader's Digest Association Inc.'s proposed $300 million offering of seven-year senior notes (Ba3/BB-), market sources said.

The deal is expected to price on Friday.

JP Morgan is the bookrunner on the Rule 144A/Regulation S offering.

The notes will come with four years of call protection.

Proceeds will be used to repay bank debt.

The Pleasantville, N.Y.-based company publishes Reader's Digest magazine.

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