Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers E > Headlines for Emmis Communications Corp. > News item |
Emmis Communications to price $325 million seven-year step-up floater Thursday
By Paul A. Harris
St. Louis, June 15 - Emmis Communications Corp. plans to price a $325 million issue of seven-year senior floating-rate notes (B3/B-) in a quick-to-market Thursday transaction, according to a syndicate source.
An investor conference call was held on Wednesday.
Banc of America Securities LLC has the books for the Rule 144A with registration rights offering. Deutsche Bank Securities and Merrill Lynch & Co. are co-managers.
The notes come with six months of call protection. The notes also contain a step-up provision in which the interest rate can step up by 50 basis points in months 12, 18 and 24, with a 150 basis point maximum.
Proceeds will be used to help repurchase up to $400 million of the company's class A common stock.
The company is an Indianapolis-based diversified media company.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.