Emmis $350 million eight-year notes price talk 6¾% area, to price Tuesday

By Paul A. Harris

St. Louis, April 26 - Price talk in the area of 6¾% emerged Monday on Emmis Operating Co.'s proposed $350 million offering of eight-year senior subordinated notes (expected B2/confirmed B-), according to a syndicate source.

The deal is expected to price on Tuesday.

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

The notes will come with four years of call protection.

Proceeds will be used to repay bank debt and repurchase or redeem Emmis Operating Co. subordinated notes and all or part of Emmis Communications' senior discount notes.

The issuer is a wholly owned subsidiary of Emmis Broadcasting Corp., an Indianapolis-based diversified media firm.

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