Graham talks $400 million eight-year notes to yield in 5¾% area; pricing Thursday

By Paul A. Harris

Portland, Ore., May 24 – Graham Holdings Co. talked its $400 million offering of eight-year senior notes (Ba1/BB+) to yield in the 5¾% area, according to a market source.

Official talk comes slightly tight to initial price talk in the high 5% to 6% area.

Books close at 11:30 a.m. ET on Thursday, and the Rule 144A for life deal is set to price thereafter.

J.P. Morgan Securities LLC, Wells Fargo Securities LLC, BofA Merrill Lynch, HSBC Securities (USA) Inc. and PNC Capital Markets LLC are the joint bookrunners.

The notes come with three years of call protection.

The Arlington, Va.-based diversified American conglomerate plans to use the proceeds plus cash on hand to redeem all $400 million of its existing 7¼% notes due 2019.

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