Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers R > Headlines for Reader's Digest Association Inc. > News item |
Reader's Digest sets talk for $525 million seven-year secured floaters
By Paul A. Harris
St. Louis, Jan. 28 - The Reader's Digest Association, Inc. set price talk for its $525 million offering of seven-year senior secured first-lien floating-rate notes (expected ratings B1/B+) on Thursday, according to an informed source.
The notes are talked with a coupon in the area of three-month Libor plus 650 basis points, to price at 97.00. They will feature a 3% Libor floor.
The books close at noon ET on Friday. The Rule 144A and Regulation S with registration rights notes are expected to price Friday afternoon.
J.P. Morgan Securities Inc., Bank of America Merrill Lynch, Credit Suisse Securities and Goldman Sachs & Co. are joint bookrunners. Moelis & Co. is the co-manager.
The notes become callable in year three at 103. The call premium declines to 102 in year four, to 101 in year five and to par in year six.
Proceeds will be used to refinance debt.
The prospective issuer is a Pleasantville, N.Y., publishing and direct marketing company.
© 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.