By Paul A. Harris
St. Louis, July 18 - LBI Media, Inc. priced a $228.775 million issue of 8½% 10-year senior subordinated notes (B2/CCC+) at 98.350 to yield 8¾% on Wednesday, according to an informed source.
The issue, which generated $225 million of proceeds, priced 12.5 basis points wide of the 8½% area price talk.
Credit Suisse, Deutsche Bank Securities and Wachovia Securities were joint bookrunners for the Rule 144A/Regulation S issue. Morgan Stanley was the lead manager. BMO Nesbitt Burns, Wells Fargo Securities and Piper Jaffray were co-managers.
Proceeds will be used to refinance the company's 10 1/8% notes due 2012, to repay bank debt and for general corporate purposes.
LBI Media is a Burbank, Calif.-based operator of Spanish-language radio and television stations.
| Issuer: | LBI Media, Inc.
|
| Amount: | $228.775 million
|
| Proceeds: | $225 million
|
| Maturity: | Aug. 1, 2017
|
| Security description: | Senior subordinated notes
|
| Bookrunners: | Credit Suisse, Deutsche Bank Securities and Wachovia Securities
|
| Lead manager: | Morgan Stanley
|
| Co-managers: | BMO Nesbitt Burns, Wells Fargo Securities, Piper Jaffray
|
| Coupon: | 8½%
|
| Price: | 98.350
|
| Yield: | 8¾%
|
| Spread: | 375 bps
|
| Call protection: | Five years
|
| Trade date: | July 18
|
| Settlement date: | July 23
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: CCC+
|
| Distribution: | Rule 144A
|
| Price talk: | 8½% area
|
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