Time expected to launch $300 million eight-year notes Oct. 9 week; whisper is mid-to-high 6% area

By Paul A. Harris

Portland, Ore., Sept. 29 – Time Inc. is expected to bring $300 million of eight-year senior notes (B2/B) to the primary market in the Oct. 9 week, a bond trader said on Friday.

Pricing discussions are in a very early stage, nevertheless the early whisper has the deal coming in the mid-to-high 6% area, the source added.

Citigroup Global Markets Inc. is expected to be on the left.

The notes will come with three years of call protection.

Proceeds, together with cash on hand, will be used to repay $200 million of term loan debt and reduce either the term loan or the existing notes, or a combination of both, by about $100 million, on or prior to Dec. 31, 2017.

The New York-based multi-media company is in the market with $764 million of bank debt. Citigroup, Morgan Stanley & Co., Bank of America Merrill Lynch, Barclays, BNP Paribas and J.P. Morgan Securities LLC are arranging the bank debt.

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