Emmis to start roadshow April 23 for $350 million note offering

By Paul A. Harris

St. Louis, April 15 - Emmis Operating Co. will start a roadshow April 23 for a $350 million offering of senior subordinated notes (expected ratings B2/B-), a syndicate source said.

Pricing is expected to take place on April 28.

The maturity and call structure remain to be determined.

Goldman Sachs & Co., Deutsche Bank Securities, Banc of America Securities and Credit Suisse First Boston will be joint bookrunners for the Rule 144A offering.

The company is also obtaining a new $1 billion senior credit facility.

Proceeds will be used to repay bank debt, repurchase or redeem Emmis Operating Co. subordinated notes and all or a portion of the Emmis Communications senior discount notes.

The issuer is a wholly owned subsidiary of Emmis Broadcasting Corp., an Indianapolis-based diversified media firm with radio broadcasting, television broadcasting and magazine publishing operations.

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