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APN News withdraws $250 million notes offer, unhappy with terms
By Paul A. Harris
Portland, Ore., Sept. 11 – Australia-based APN News & Media Ltd. pulled its $250 million offering of seven-year senior notes (Ba3/B+/BB-) from the market, sources say.
While the offer generated significant investor interest, that interest did not ultimately result in terms and conditions satisfactory to the company. Hence APN will continue to explore capital market opportunities.
Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Ltd. and HSBC are the joint bookrunners.
Proceeds were to have been used to repay revolver debt and for general corporate purposes.
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