EarthLink to start roadshow Friday for $400 million eight-year notes

By Paul A. Harris

Portland, Ore., May 5 - EarthLink, Inc. will begin a roadshow on Friday for a $400 million offering of eight-year senior notes, according to an informed source.

The Rule 144A with registration rights deal is expected to price on May 12.

Deutsche Bank Securities Inc., Bank of America Merrill Lynch and Credit Suisse Securities (USA) LLC are the joint bookrunners.

The notes come with four years of call protection and feature a 101% poison put.

Credit ratings in the mid-single B range are expected.

The Atlanta-based internet service provider plans to use the proceeds to redeem its 3¼% convertible notes and for general corporate purposes.

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