By Paul A. Harris
Portland, Ore., Feb. 6 – Allen Media, LLC priced a $300 million issue of eight-year senior notes (Caa1/B-) at par to yield 10½% on Thursday, according to an informed source.
The yield printed in the middle of yield talk in the 10½% area and at the wide end of initial price talk, which had the deal coming to yield in the low-to-mid 10% area.
The offering also underwent document changes, primarily bearing upon how the issuer may disburse cash and incur additional debt.
RBC Capital Markets LLC was the left lead bookrunner for the deal.
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.
| Issuers: | Allen Media, LLC and Allen Media Co-Issuer, Inc.
|
| Amount: | $300 million
|
| Maturity: | Feb. 15, 2028
|
| Securities: | Senior notes
|
| Left lead bookrunner: | RBC Capital Markets LLC
|
| Coupon: | 10½%
|
| Price: | Par
|
| Yield: | 10½%
|
| Call protection: | Three years
|
| Trade date: | Feb. 6
|
| Settlement date: | Feb. 10
|
| Ratings: | Moody's: Caa1
|
| S&P: B-
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 10½% area
|
| Marketing: | Roadshow
|
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