Block Communications talks $150 million 10-year notes at 8¼%-8 3/8%

By Paul A. Harris

St. Louis, Dec. 12 - Block Communications Inc. talked its $150 million offering of 10-year senior notes at 8¼% to 8 3/8% on Monday, according to a syndicate source.

Books close at 1 p.m. ET Tuesday with pricing expected thereafter.

Banc of America Securities LLC and Deutsche Bank Securities are the bookrunners for the Rule 144A notes. BNP Paribas is the joint lead manager. BNY Securities and NatCity Investments are co-managers.

The notes come with five years of call protection.

Proceeds will be used to repurchase all of the company's 9¼% senior subordinated notes due 2009, to repay an existing senior credit facility and for general corporate purposes.

Moody's Investors Service assigns its B1 rating to the notes. Standard & Poor's rates the notes B-.

The prospective issuer is a privately held diversified media company with operations in telecommunications, newspaper publication and TV broadcasting. Its headquarters are in Toledo, Ohio.

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