By Paul A. Harris
Portland, Ore., Feb. 9 – Block Communications Inc. priced an upsized $500 million issue of eight-year senior notes (B1/B+) at par to yield 6 7/8% on Thursday, according to market sources.
The issue size was increased from $350 million.
The yield printed 12.5 basis points inside of the 7% to 7¼% yield talk; initial guidance was in the 7¼% area.
BofA Merrill Lynch and J.P. Morgan Securities LLC were the joint bookrunners.
The Toledo, Ohio-based diversified media company plans to use the proceeds to refinance debt.
| Issuer: | Block Communications Inc.
|
| Amount: | $500 million, increased from $350 million
|
| Maturity: | Feb. 15, 2025
|
| Securities: | Senior notes
|
| Bookrunners: | BofA Merrill Lynch, J.P. Morgan Securities LLC
|
| Co-managers: | Citizens, Comerica, PNC
|
| Coupon: | 6 7/8%
|
| Price: | Par
|
| Yield: | 6 7/8%
|
| Spread: | 457 bps
|
| First call date: | Feb. 15, 2020
|
| Trade date: | Feb. 9
|
| Settlement date: | Feb. 16
|
| Ratings: | Moody's: B1
|
| S&P: B+
|
| Distribution: | Rule 144A for life
|
| Price talk: | 7% to 7¼%
|
| Marketing: | Quick to market
|
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