Local TV talks $190 million eight-year toggle notes at 9¼%-9½%

By Paul A. Harris

St. Louis, May 1 - Local TV Finance, LLC set price talk for its $190 million offering of eight-year senior toggle notes (Caa1/CCC+) at 9¼% to 9½% on Tuesday, according to an informed source.

The books close at noon ET on Wednesday, with pricing expected thereafter.

UBS Investment Bank is the left bookrunner for the Rule 144A for life notes. Deutsche Bank Securities is the joint bookrunner.

The notes come with four years of call protection.

Proceeds will be used to partially fund Oak Hill Capital Partners' acquisition of nine local TV stations formerly owned by the New York Times Broadcast Media Group.

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