By Paul A. Harris
St. Louis, April 15 - Susquehanna Media Co. upsized to $150 million from $125 million its offering of senior subordinated notes due April 15, 2013 (B1/B) and priced them Tuesday at par to yield 7 3/8%, according to a syndicate source.
Price talk was for a yield of 7 3/8%-7½%.
The offering had already been upsized and restructured on Monday from what had originally been expected to be a $100 million add-on to the company's 8½% senior subordinated notes due 2009.
Banc of America Securities and Wachovia Securities, Inc. were joint bookurnners.
Proceeds from the Rule 144A deal will be used to repay the revolver.
The issuer is based in York, Pa.
| Issuer: | Susquehanna Media Co.
|
| Amount: | $150 million (upsized from $125 million)
|
| Maturity: | April 15, 2013
|
| Security description: | Senior subordinated notes
|
| Bookrunners: | Banc of America Securities, Wachovia Securities (joint)
|
| Coupon: | 7 3/8%
|
| Price: | Par
|
| Yield: | 7 3/8%
|
| Spread: | 340 basis points
|
| Price talk: | 7 3/8%-7½%
|
| Call features: | Callable on April 15, 2008 at 103.688, then at 102.458, 101.229, declining to par on April 15, 2011 and thereafter
|
| Equity clawback: | Until April 15, 2006 for up to 35% at 107.375
|
| Settlement date: | April 23, 2003 (T+5)
|
| Ratings: | Moody's: B1
|
| Standard & Poor's: B
|
| Rule 144A Cusip: | 869137AE9
|
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