By Paul A. Harris
St. Louis, Sept. 23 - LIN Television Corp. priced a restructured $190 million issue as an add-on to its 6½% senior subordinated notes due May 15, 2013 (B1/B-) at 92.238 on Friday resulting in a 7 7/8% yield.
The yield came in the middle of the 7¾% to 8% price talk.
The sale generated about $175.25 million of proceeds.
JP Morgan, Goldman Sachs and Deutsche Bank Securities were joint bookrunners for the Rule 144A/Regulation S issue.
LIN will use the proceeds from the bond sale to pay a portion of its existing credit facility, following which it plans to obtain an amended and restated credit facility that it will draw upon to finance the acquisition of five television stations from Emmis Television Broadcasting.
The offering was restructured from a planned new issue of 10-year senior subordinated notes.
The new notes are non-fungible with the existing issue.
The company priced $200 million of the 6½% notes due 2013 in early May 2003 and did a $175 million tap of the issue in January 2005. Following Friday's transaction, the issue stands at about $565 million.
LIN TV Corp. is a Providence, R.I.-based television owner and operator.
| Issuer: | LIN Television Corp.
|
| Face amount: | $190 million
|
| Proceeds: | $175.25 million
|
| Maturity: | May 15, 2013
|
| Security description: | Add-on to the 6½% senior subordinated notes
|
| Bookrunners: | JP Morgan, Goldman Sachs, Deutsche Bank Securities
|
| Coupon: | 6½%
|
| Price: | 92.238
|
| Yield: | 7 7/8%
|
| Spread: | 368 basis points
|
| Call features: | Callable after May 15, 2008 at 103.25, 101.625, par on and after May 15, 2010
|
| Trade date: | Sept. 23
|
| Settlement date: | Sept. 29 with accrued interest
|
| Fungibility: | Non-fungible
|
| Ratings: | Moody's: B1
|
| Standard & Poor's: B-
|
| Price talk: | 7¾%-8%
|
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