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Block Communications talks $350 million eight-year notes to yield 7%-7¼%; pricing Thursday
By Paul A. Harris
Portland, Ore., Feb. 9 – Block Communications Inc. talked its $350 million offering of eight-year senior notes (B1/B+) to yield 7% to 7¼%, according to a market source.
Talk comes tight to initial guidance in the 7¼% area, the source said, adding that the offering is very oversubscribed.
The deal, which is being led by BofA Merrill Lynch, is set to price later on Thursday.
The notes come with three years of call protection.
The Toledo, Ohio-based diversified media company plans to use the proceeds to refinance debt.
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