Midcontinent Communications talks $300 million eight-year notes to yield in 6 7/8% area

By Paul A. Harris

Portland, Ore., Aug. 11 – Midcontinent Communications talked $300 million of eight-year senior notes to yield in the 6 7/8% area, according to a syndicate source.

Books close at 3 p.m. ET on Tuesday, and the Rule 144A for life deal is set to price thereafter.

Formal talk comes in line with initial guidance in the high 6% yield context, according to a high-yield bond trader.

SunTrust Robinson Humphrey Inc. is the left bookrunner. Wells Fargo Securities LLC and RBC Capital Markets are the joint bookrunners.

TD Securities and U.S. Bancorp Investments Inc. are the senior co-managers. MUFG and BNP Paribas Securities Corp. are the co-managers.

The notes become callable after three years at par plus 75% of the coupon.

The Minneapolis-based company, which intends to issue the notes via its wholly owned subsidiary, Midcontinent Finance Corp., plans to use the proceeds to support a distribution to its shareholders.

Midcontinent Communications provides cable television, local and long-distance digital telephone service and high-speed internet access.

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