New Issue: Local TV sells $190 million eight-year toggle notes to yield 9¼%

By Paul A. Harris

St. Louis, May 2 - Local TV Finance, LLC and Local TV Finance Corp. priced $190 million of eight-year senior toggle notes (Caa1/CCC+) at par to yield 9¼% on Wednesday, according to an informed source.

The notes priced at the tight end of the 9¼% to 9½% price talk.

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

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.

Issuers:	Local TV Finance, LLC and Local TV Finance Corp.
Amount:	$190 million
Maturity:	June 15, 2015
Security description:	Senior toggle notes
Bookrunners:	UBS Investment Bank (left bookrunner), Deutsche Bank Securities (joint bookrunner)
Coupon:	9¼%
Price:	Par
Yield:	9¼%
Spread:	463 bps
Call features:	Make-whole call at Treasuries plus 50 bps until June 15, 2011, then at 104.625, 102.313, par on and after June 15, 2013
Trade date:	May 2
Settlement date:	May 7
Ratings:	Moody's: Caa1
	Standard & Poor's: CCC+
Distribution:	Rule 144A for life and Regulation S
Price talk:	9¼% to 9½%

© 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.