By Paul A. Harris
Portland, Ore., Oct. 5 – Gannett Holdings LLC priced a $400 million issue of five-year first-lien senior secured notes (B1//BB) at par to yield 6% on Monday, according to market sources.
The yield printed at the tight end of the 6% to 6¼% yield talk and well inside of initial guidance in the mid-6% area.
Timing was accelerated, as the deal had previously been expected to remain in the market until Wednesday.
Citigroup Global Markets Inc. was the left bookrunner. Apollo Global Securities LLC was joint bookrunner.
The McLean, Va.-based media and marketing company plans to use the proceeds plus a new senior secured direct term loan to pay off its existing senior secured term loan B.
| Issuer: | Gannett Holdings LLC
|
| Amount: | $400 million
|
| Maturity: | Nov. 1, 2026
|
| Securities: | Senior secured notes
|
| Left bookrunner: | Citigroup Global Markets Inc.
|
| Joint bookrunner: | Apollo Global Securities LLC
|
| Coupon: | 6%
|
| Price: | Par
|
| Yield: | 6%
|
| Spread: | 502 bps
|
| First call: | Nov. 1, 2023 at 103
|
| Special call: | 10% of notes annually at 103 during non-call period
|
| Trade date: | Oct. 5
|
| Settlement date: | Oct. 15
|
| Ratings: | Moody's: B1
|
| Fitch: BB
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 6% to 6¼%
|
| Marketing: | Roadshow
|
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