APN News & Media starts roadshow for $250 million seven-year notes

By Paul A. Harris

Portland, Ore., Sept. 3 – Australia-based APN News & Media Ltd. and its wholly owned subsidiary Biffin Pty Ltd. began a roadshow on Wednesday for a $250 million offering of seven-year senior notes, according to a syndicate source.

The Rule 144A and Regulation S for life deal is expected to price early in the week ahead.

Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Ltd. and HSBC are the joint bookrunners.

The notes become callable after three years at par plus 75% of the coupon and feature a three-year 35% equity clawback and a 101% poison put.

Proceeds will be used to repay revolver debt and for general corporate purposes.

The prospective issuer is a Sydney, Australia-based diversified media company with radio, newspaper and outdoor businesses across Australia, New Zealand and Hong Kong.

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