Published on 3/23/2016 in the Prospect News High Yield Daily.
New Issue: AMC Networks prices upsized $1 billion 5% eight-year notes at par
By Paul A. Harris
Portland, Ore., March 23 – AMC Networks Inc. priced an upsized $1 billion issue of eight-year senior notes (Ba3/BB) at par to yield 5% on Wednesday, according to a syndicate source.
The issue size was increased from $750 million.
The yield printed on top of price talk as well as initial guidance.
BofA Merrill Lynch, Morgan Stanley & Co. LLC, Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Barclays, BNP Paribas Securities Corp., Credit Agricole CIB, Scotia Capital, SunTrust Robinson Humphrey Inc., U.S. Bancorp Investments Inc., Fifth Third Securities, Goldman Sachs & Co. and UBS Investment Bank were the joint bookrunners.
The New York-based owner and operator of cable television brands plans to use $742 million of the proceeds to fund the tender for its 7¾% senior notes due 2021, with the remaining $238 million to be used for general corporate purposes and the redemption of any of the 7¾% notes not tendered.
| Issuer: | AMC Networks Inc.
|
| Amount: | $1 billion, increased from $750 million
|
| Maturity: | April 1, 2024
|
| Securities: | Senior notes
|
| Bookrunners: | BofA Merrill Lynch, Morgan Stanley & Co. LLC, Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Barclays, BNP Paribas Securities Corp., Credit Agricole CIB, Scotia Capital (USA) Inc., SunTrust Robinson Humphrey Inc., U.S. Bancorp Investments, Inc., Fifth Third Securities Inc., Goldman Sachs & Co., UBS Securities LLC
|
| Coupon: | 5%
|
| Price: | Par
|
| Yield: | 5%
|
| Call: | Make-whole call at Treasuries plus 50 bps until April 1, 2020, then callable at 102.5
|
| Equity clawback: | 35% at 105 until April 1, 2019
|
| Trade date: | March 23
|
| Settlement date: | March 30
|
| Ratings: | Moody's: Ba3
|
| Standard & Poor's: BB
|
| Distribution: | SEC registered
|
| Price talk: | 5% area
|
| Marketing: | Quick to market
|
© 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.
