Allen Media talks $300 million eight-year notes at 10½% area yield; pricing Thursday

By Paul A. Harris

Portland, Ore., Feb. 5 – Allen Media, LLC and Allen Media Co-Issuer, Inc. set price talk for their $300 million offering of eight-year senior notes (B-) in the 10½% area and brought document changes on Wednesday, according to market sources.

Official talk came at the wide end of initial price talk, which had the deal coming to yield in the low-to-mid 10% area.

The notes are set to price on Thursday.

Left lead bookrunner RBC Capital Markets LLC will bill and deliver for the Rule 144A and Regulation S offering.

The notes become callable after three years at par plus 75% of the coupon. Among Wednesday's document changes, the first call premium was increased from 50% of the coupon.

The Los Angeles-based media content and technology company plans to use the proceeds to help fund the acquisition of 11 broadcast television stations from USA Television Holdings LLC and USA Television MidAmerica Holdings LLC, and to refinance debt.

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