By Paul A. Harris
St. Louis, Jan. 13 - Valassis Communications, Inc. priced a $260 million issue of 10-year senior notes (Ba3/BB-) at par to yield 6 5/8% on Thursday, according to an informed source.
The yield printed in the middle of the 6½% to 6¾% price talk.
Bank of America Merrill Lynch and J.P. Morgan Securities LLC were the joint bookrunners.
Proceeds will be used to fund the tender offer for the company's 8 5/8% notes due 2015.
The issuer is a media and marketing services company.
| Issuer: | Valassis Communications, Inc.
|
| Amount: | $260 million
|
| Maturity: | Feb. 1, 2021
|
| Securities: | Senior notes
|
| Bookrunners: | Bank of America Merrill Lynch, J.P. Morgan Securities LLC
|
| Co-manager: | Credit Suisse
|
| Coupon: | 6 5/8%
|
| Price: | Par
|
| Yield: | 6 5/8%
|
| Spread: | 333 bps
|
| Call protection: | Make-whole call at Treasuries plus 50 bps until Feb. 1, 2016, then callable at a premium
|
| Trade date: | Jan. 13
|
| Settlement date: | Jan. 28
|
| Ratings: | Moody's: Ba3
|
| Standard & Poor's: BB-
|
| Distribution: | Rule 144A with registration rights
|
| Price talk: | 6½% to 6¾%
|
| Marketing: | Quick-to-market
|
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