Outerwall to price $300 million seven-year notes on Wednesday, yield whisper is high 5% range

By Paul A. Harris

Portland, Ore., June 2 - Outerwall Inc. plans to price a $300 million offering of seven-year senior notes on Wednesday, according to market sources.

The deal is being whispered in a high 5% yield context, a trader said.

An investor call was scheduled to take place late Tuesday morning.

HSBC Securities (USA) Inc., BofA Merrill Lynch, US Bancorp and RBC Capital Markets are the joint bookrunners for the Rule 144A and Regulation S with registration rights offer.

Comerica, Morgan Stanley & Co., BBVA, BMO Securities and Mitsubishi UFJ are the co-managers.

The notes come with three years of call protection.

Proceeds will be used to repay bank debt, with a portion of the proceeds possibly set aside for general corporate purposes which may include but are not limited to maintenance or repayment of other outstanding debt, acquisitions or other investments, and the payment of other corporate expenses.

Outerwall is a Bellevue, Wash.-based kiosk retail services provider.

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