Published on 11/20/2003 in the Prospect News High Yield Daily.
New Issue: MediaNews Group sells $300 million 10-year notes to yield 7%
By Paul A. Harris
St. Louis, Nov. 20 - MediaNews Group Inc. sold $300 million of 6 7/8% 10-year senior subordinated notes (B+) Thursday at 99.133 to yield 7%, or 276 basis points over Treasuries, according to a syndicate source.
Price talk on the notes, which mature Oct. 1, 2013, was 6¾%-6 7/8%.
Deutsche Bank Securities and Banc of America Securities ran the books on the Rule 144A deal. The co-managers were Wachovia Securities, BNY Securities Group, Fleet Securities and McDonald Investments.
MediaNews Group said proceeds will be used to repurchase or redeem the company's 8¾% senior subordinated notes due 2009.
The issuer is the Denver-based parent of Garden State Newspapers, which owns and operates daily and non-daily newspapers in 10 states.
Issuer: MediaNews Group Inc.
Amount: | $300 million
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Maturity: | Oct. 1, 2013
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Security description: | Senior subordinated notes
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Bookrunners: | Deutsche Bank Securities, Banc of America Securities
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Co-managers: | Wachovia Securities, BNY Securities Group, Fleet Securities, McDonald Investments
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Coupon: | 6 7/8%
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Price: | 99.133
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Yield: | 7%
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Spread: | 276 basis points
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Call features: | Callable on Oct. 1, 2008 at 103.438, 102.292, 101.146, par on Oct. 1, 2011 and thereafter
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Equity clawback: | Until Oct. 1, 2006 for 35% at 106.875
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Settlement date: | Nov. 25, 2003
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Rating: | Standard & Poor's: B+
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Rule 144A Cusip: | 58446MAA9
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Price talk: | 6¾%-6 7/8%
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