Valassis to start roadshow Tuesday for $590 million two-part note offering

By Paul A. Harris

St. Louis, Feb. 15 - Valassis Communications Inc. is expected to begin a roadshow on Tuesday for its $590 million proceeds two-part offering of eight-year senior notes (B3/B-), according to a market source.

The company will sell fixed-rate and floating-rate notes.

Bear Stearns and Banc of America Securities LLC are joint bookrunners for the Rule 144A and Regulation S deal.

Proceeds in addition to an $820 million credit facility will be used to fund the acquisition of ADVO Inc. for $33 per share in cash, or about $1.2 billion, including about $125 million of existing ADVO debt.

Valassis is a Livonia, Mich., marketing services company.

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