By Paul A. Harris
St. Louis, Dec. 13 - Block Communications Inc. priced a $150 million issue of 8¼% 10-year senior notes (B1/B-) at 99.169 on Tuesday to yield 8 3/8%, according to a syndicate source.
The yield came at the wide end of the 8¼% to 8 3/8% price talk.
Banc of America Securities LLC and Deutsche Bank Securities were the bookrunners for the Rule 144A notes. BNP Paribas was the joint lead manager. BNY Securities and NatCity Investments were co-managers.
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.
Block is a Toledo, Ohio-based privately held diversified media company with operations in telecommunications, newspaper publishing and TV broadcasting.
| Issuer: | Block Communications Inc.
|
| Amount: | $150 million
|
| Maturity: | Dec. 15, 2015
|
| Security description: | Senior notes
|
| Bookrunners: | Banc of America Securities LLC, Deutsche Bank Securities
|
| Joint lead manager: | BNP Paribas
|
| Co-managers: | BNY Securities, NatCity Investments
|
| Coupon: | 8¼%
|
| Price: | 99.169
|
| Yield: | 8 3/8%
|
| Spread: | 383 basis points
|
| Call features: | Callable after Dec. 15, 2010 at 104.125, 102.75, 101.375, par on and after Dec. 15, 2013
|
| Equity clawback: | Until Dec. 15, 2008 for 35% at 108.25
|
| Trade date: | Dec. 15
|
| Settlement date: | Dec. 22
|
| Ratings: | Moody's: B1
|
| Standard & Poor's: B-
|
| Distribution: | Rule 144A for life
|
| Price talk: | 8¼% to 8 3/8%
|
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