Monitronics talks $460 million eight-year notes with 9¼% area yield

By Paul A. Harris

Portland, Ore., March 15 - Monitronics International, Inc. talked its $460 million offering of eight-year senior notes (Caa1) with a yield in the 9¼% area on Thursday, according to a syndicate source.

The books close at 9 a.m. ET on Friday, and the deal is set to price thereafter.

Bank of America Merrill Lynch is the left lead bookrunner. Citigroup Global Markets Inc. and Credit Suisse Securities (USA) LLC are the joint bookrunners.

The Rule 144A with registration rights notes come with a make-whole call for the first four years, after which they become callable at a premium. The securities feature a 101% poison put.

Proceeds, along with a new senior secured credit facility, will be used to repay all outstanding borrowings under the existing senior secured credit facility and to purchase notes under, and terminate, the existing securitization debt.

Monitronics is a Dallas-based alarm monitoring company with more than 700,000 subscribers under contract.

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