Lodgenet $185 million 10-year notes talked at 9½%-9¾%, pricing Friday

By Paul A. Harris

St. Louis, June 12 - Lodgenet Entertainment Corp.'s $185 million of 10-year senior subordinated notes (B3/B-) are talked at 9½%-9¾%, according to a syndicate source.

The deal is expected to price on Friday, the source added.

Bear Stearns & Co. is the bookrunner. UBS Warburg and CIBC World Markets are co-managers.

The off-the-shelf notes will be non-callable for five years and will contain a 35% equity clawback for up to three years.

Proceeds will be used to repay debt.

The Sioux Falls, S.D. company provides broadband interactive services to the lodging industry.

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