By Paul A. Harris
St. Louis, April 27 - Emmis Operating Co. priced an upsized $375 million issue of eight-year senior subordinated notes (B2/B-) at par on Tuesday to yield 6 7/8%, a syndicate source said.
Price talk was in the area of 6¾%.
Goldman Sachs, Deutsche Bank Securities, Banc of America Securities and Credit Suisse First Boston were joint bookrunners.
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.
The issue was upsized from $350 million.
| Issuer: | Emmis Operating Co.
|
| Amount: | $375 million, increased from $350 million
|
| Maturity: | May 15, 2012
|
| Security description: | Senior subordinated notes
|
| Bookrunners: | Goldman Sachs, Deutsche Bank Securities, Banc of America Securities, Credit Suisse First Boston
|
| Coupon: | 6 7/8%
|
| Price: | Par
|
| Yield: | 6 7/8%
|
| Spread: | 271 basis points
|
| Call protection: | Four years
|
| Pricing date: | April 27
|
| Settlement date: | May 10
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: B-
|
| Price talk: | 6¾% area
|
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