By Andrea Heisinger
New York, Jan. 27 - Washington Post Co. priced $400 million of 7.25% 10-year notes Tuesday to yield Treasuries plus 475 basis points, an informed source said.
The notes (A1/A+/) priced at 99.614 to yield 7.305%. They have a make-whole call of Treasuries plus 50 bps.
The deal priced at the tight end of talk of 475 bps to 487.5 bps over Treasuries, a source said.
The notes feature a change-of-control put of 101%.
Bookrunners were Citigroup Global Markets Inc. and J.P. Morgan Securities Inc.
Co-managers were SunTrust Robinson Humphrey, Wachovia Capital Markets, BNY Mellon Securities, PNC Capital Markets and Wells Fargo Securities.
Proceeds will be used for general corporate purposes, including repayment of existing debt.
The diversified education and media company is based in Washington, D.C.
| Issuer: | Washington Post Co.
|
| Issue: | Notes
|
| Amount: | $400 million
|
| Maturity: | Feb. 1, 2019
|
| Bookrunners: | Citigroup Global Markets Inc., J.P. Morgan Securities Inc.
|
| Co-managers: | SunTrust Robinson Humphrey, Wachovia Capital Markets, BNY Mellon Securities, PNC Capital Markets, Wells Fargo Securities
|
| Coupon: | 7.25%
|
| Price: | 99.614
|
| Yield: | 7.305%
|
| Spread: | Treasuries plus 475 bps
|
| Call: | Make-whole at Treasuries plus 50 bps
|
| Change-of-control put: | 101%
|
| Trade date: | Jan. 27
|
| Settlement date: | Jan. 30
|
| Ratings: | Moody's: A1
|
| Standard & Poor's: A+
|
| Price talk: | 475 bps to 487.5 bps
|
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