Midcontinent Communications starts roadshow for $300 million eight-year notes; pricing Tuesday

By Paul A. Harris

Portland, Ore., Aug. 10 – Midcontinent Communications began a short roadshow on Monday in New York for a $300 million offering of eight-year senior notes, according to a syndicate source.

Investor conference calls are scheduled to take place on Tuesday, and the Rule 144A for life deal is scheduled to price on Tuesday afternoon.

The deal is coming with initial guidance in the high 6% yield context, according to a high-yield bond trader.

SunTrust Robinson Humphrey Inc. is the left bookrunner. Wells Fargo Securities LLC and RBC Capital Markets are the joint bookrunners.

TD Securities and U.S. Bancorp Investments Inc. are the senior co-managers. MUFG and BNP Paribas Securities Corp. are the co-managers.

The notes become callable after three year at par plus 75% of the coupon.

The Minneapolis-based company, which intends to issue the notes via its wholly owned subsidiary, Midcontinent Finance Corp., plans to use the proceeds to support a distribution to its shareholders.

Midcontinent Communications provides cable television, local and long-distance digital telephone service and high-speed internet access.

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