Published on 12/10/2012 in the Prospect News High Yield Daily.
New Issue: AMC Networks prices $600 million 10-year notes at par to yield 4¾%
By Paul A. Harris
Portland, Ore., Dec. 10 - AMC Networks Inc. priced a $600 million issue of 10-year senior notes (B1/BB-) at par to yield 4¾% on Monday, according to a market source.
The yield printed at the tight end of the 4¾% to 5% yield talk.
Bank of America Merrill Lynch was the left lead bookrunner.
J.P. Morgan Securities LLC, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Barclays, RBS Securities Inc., Morgan Stanley & Co. LLC, Credit Agricole Securities (USA) Inc., Goldman Sachs & Co., UBS Securities LLC, SunTrust Robinson Humphrey Inc., U.S. Bancorp Investments Inc., Guggenheim, Scotia Capital (USA) Inc., BNP Paribas Securities Corp., Deutsche Bank Securities Inc. and RBC Capital Markets LLC were the joint bookrunners.
Proceeds will be used to repay the term loan B facility in full, in an amount equal to $587.6 million, with the remaining proceeds of approximately$400,000 to be used for general corporate purposes.
The cable television content provider is based in New York.
| Issuer: | AMC Networks Inc.
|
| Amount: | $600 million
|
| Maturity: | Dec. 15, 2022
|
| Securities: | Senior notes
|
| Bookrunners: | J.P. Morgan Securities LLC, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Barclays, RBS Securities Inc., Morgan Stanley & Co. LLC, Credit Agricole Securities (USA) Inc., Goldman Sachs & Co., UBS Securities LLC, SunTrust Robinson Humphrey Inc., U.S. Bancorp Investments Inc., Guggenheim, Scotia Capital (USA) Inc., BNP Paribas Securities Corp., Deutsche Bank Securities Inc., RBC Capital Markets LLC
|
| Coupon: | 4¾%
|
| Price: | Par
|
| Yield: | 4¾%
|
| Spread: | 314 bps
|
| Call protection: | Non-callable for five years
|
| Trade date: | Dec. 10
|
| Settlement date: | Dec. 17
|
| Ratings: | Moody's: B1
|
| Standard & Poor's: BB-
|
| Distribution: | SEC registered
|
| Price talk: | 4¾% to 5%
|
| Marketing: | Quick to market
|
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