Stagwell Media offers $1 billion eight-year notes with talk in mid-5% area; pricing this week

By Paul A. Harris

Portland, Ore., Aug. 10 – Stagwell Inc. plans to price $1 billion of eight-year senior notes (B3/B) during the Aug. 9 week, according to market sources.

Initial talk has the deal coming to yield in the mid-5% area.

J.P. Morgan Securities LLC is leading the offering.

The Rule 144A and Regulation S notes come with three years of call protection.

The issuing entity will be Midas OpCo Holdings LLC, a subsidiary of Stagwell.

The New York-based marketing services provider plans to use the proceeds to redeem all $870.3 million of its outstanding 7½% senior notes due 2024, to pay down its credit facility and for general corporate purposes.

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