Meredith brings $300 million five-year notes offering to help redeem preferred shares

By Paul A. Harris

Portland, Ore., June 24 – Meredith Corp. came into the market with a $300 million offering of five-year senior secured notes on Wednesday, according to a syndicate source.

Left lead bookrunner RBC Capital Markets LLC will bill and deliver for the Rule 144A and Regulation S offering. Credit Suisse Securities (USA) LLC, Barclays, Citigroup Global Markets Inc., BNP Paribas Securities Corp. and Capital One Securities Inc. are the joint bookrunners.

The notes come with two years of call protection.

The Des Moines-based media and marketing company plans to use the proceeds, in conjunction with cash on hand and a new $410 million incremental term loan, to redeem its series A preferred stock.

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