By Paul A. Harris
St. Louis, April 18 - Ziff Davis Media Inc. priced a restructured $205 million of seven-year senior secured floating-rate notes (B3/CCC+) at par to yield three-month Libor plus 600 basis points, according to market sources.
Price talk was Libor plus 500 to 525 basis points.
Bear Stearns & Co. ran the books for the Rule 144A/Regulation S issue. Lehman Brothers was the co-manager.
Call protection was extended to two years from 18 months.
Proceeds will be used to retire all outstanding debt under the company's amended and restated credit agreement dated Aug. 12, 2002 and for general corporate purposes.
The issuer is the ultimate parent of New York City-based Ziff Davis Media Inc., an integrated media company focusing on the technology and video game markets.
| Issuer: | Ziff Davis Media Inc.
|
| Amount: | $205 million
|
| Maturity: | May 1, 2012
|
| Security description: | Senior secured floating-rate notes
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| Bookrunner: | Bear Stearns & Co.
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| Co-manager: | Lehman Brothers
|
| Coupon: | Three-month Libor plus 600 basis points
|
| Price: | Par
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| Yield: | Three-month Libor plus 600 basis points
|
| Call protection: | Callable after May 1, 2007 at 103, 102, 101, par on and after May 1, 2010 (extended from 18 months)
|
| Equity clawback: | Until May 1, 2008 for up to 35% at par plus the applicable coupon
|
| Trade date: | April 18
|
| Settlement date: | April 22
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: CCC+
|
| Price talk: | Libor plus 525-550 basis points
|
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