Ticketmaster talks downsized $300 million eight-year notes at 10¼%-10½%

By Paul A. Harris

St. Louis, July 15 - Ticketmaster set price talk for its downsized offering of approximately $300 million eight-year senior notes (Ba3/BB) at 10¼% to 10½% on Tuesday, according to an informed source.

The books are scheduled to close at noon ET on Wednesday, with the notes pricing thereafter.

The company initially launched $400 of the eight-year notes. Up to $100 million of the proceeds will be shifted to the term loan B, with the bond offering to be downsized by the same amount.

J.P. Morgan Securities Inc., Merrill Lynch & Co. and Banc of America Securities LLC are joint bookrunners for the Rule 144A with registration rights offering.

The notes will come with four years of call protection.

Proceeds will be used to fund a dividend in conjunction with the spinoff of the New York-based live entertainment ticketing and marketing services provider from IAC/InterActive Inc.

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