Time plans to start roadshow on Wednesday for $500 million eight-year senior notes

By Paul A. Harris

Portland, Ore., April 8 - Time Inc. plans a Wednesday roadshow start on the West Coast of the United States for its $500 million offering of eight-year senior notes, according to a syndicate source.

The roadshow moves to New York on Thursday and to Boston on Friday.

A group investor lunch is set for 12:30 p.m. ET on Thursday in New York.

The deal is set to price late this week or early in the week ahead.

Joint bookrunner Barclays will bill and deliver. Joint bookrunner Citigroup Global Markets Inc. is the roadshow coordinator. BNP Paribas Securities Corp., BofA Merrill Lynch, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and Wells Fargo Securities LLC are also joint bookrunners.

RBS Securities Inc. is the senior co-manager. Macquarie Capital is the co-manager.

The Rule 144A and Regulation S for life notes come with three years of call protection and feature standard high-yield covenants.

Credit ratings remain to be determined.

The New York-based publishing company plans to use the proceeds to fund the purchase of Time Warner's publishing operations in the United Kingdom, to fund a special dividend to Time Warner and for general corporate purposes.

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