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Meredith talks $1.4 billion eight-year senior notes to yield 7%-7¼%; pricing Friday
By Paul A. Harris
Portland, Ore., Jan. 18 – Meredith Corp. talked its $1.4 billion offering of eight-year senior notes (B3/B) to yield 7% to 7¼%, a syndicate source said.
Books close at 5 p.m. ET on Thursday for accounts on the East Coast of the United States only.
The Rule 144A and Regulation S with registration rights offering is set to price Friday morning, New York time.
Credit Suisse Securities (USA) LLC is the lead bookrunner. RBC Capital Markets LLC, Barclays and Citigroup Global Markets Inc. are the joint bookrunners.
The notes become callable after three years at par plus 50% of the coupon and feature a three-year 40% equity clawback at par plus the coupon and a 101% poison put.
The Des Moines-based media and marketing company plans to use the proceeds to help fund its purchase of Time Inc. and refinance existing debt.
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