New Issue: Meredith prices $1.4 billion eight-year notes at par to yield 6 7/8%

By Paul A. Harris

Portland, Ore., Jan. 19 – Meredith Corp. priced a $1.4 billion issue of eight-year senior notes (B3/B) at par to yield 6 7/8% on Friday, according to a syndicate source.

The yield came 12.5 basis points beneath the low end of the 7% to 7¼% yield talk.

Credit Suisse Securities (USA) LLC was the lead bookrunner. RBC Capital Markets LLC, Barclays and Citigroup Global Markets Inc. were the joint bookrunners.

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.

Issuer:	Meredith Corp.
Amount:	$1.4 billion
Maturity:	Feb. 1, 2026
Securities:	Senior notes
Lead bookrunner:	Credit Suisse Securities (USA) LLC
Joint bookrunners:	RBC Capital Markets LLC, Barclays, Citigroup Global Markets Inc.
Coupon:	6 7/8%
Price:	Par
Yield:	6 7/8%
Spread:	429 bps
First call:	Feb. 1, 2021 at 103.438
Equity clawback:	40% at 106.875 until Feb. 1, 2021
Trade date:	Jan. 19
Settlement date:	Jan. 31
Ratings:	Moody's: B3
	S&P: B
Distribution:	Rule 144A and Regulation S with registration rights
Price talk:	7% to 7¼%
Marketing:	Roadshow

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