LBI Media kicks off $240 million eight-year secured notes offering

By Paul A. Harris

Portland, Ore., March 7 - LBI Media, Inc. will conduct an investor roadshow during the present week for a $240 million offering of eight-year first-lien senior secured notes, according to an informed source.

Credit Suisse Securities, Macquarie Capital and Wells Fargo Securities are the joint bookrunners for the Rule 144A for life offering.

The notes come with four years of call protection. However, a special call provision allows the issuer to redeem 10% of the notes annually at 103 during the non-call period.

The notes feature a three-year 35% equity clawback and 101% poison put.

The notes come with a first-priority perfected lien on all property and assets (lenders under the company's revolving credit facility have a "first out" position).

The Burbank, Calif.-based Spanish-language radio and television broadcaster plans to use the proceeds to repay credit facility borrowings, as well as to redeem its 11% senior discount notes at 101.833.

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