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Turner $300 mil debt offer wins Wall Street approval

Turner Broadcasting System announced Wednesday the pricing of its latest debt issue, and the numbers indicate that Wall Street thinks buying TBS debt now is a safe bet.

TBS’ $ 300 million issue of senior notes, due July 1, 2013, was priced as 8 3 /8 at 99.10 to yield 8.47%.

The spread on the noncallable issue is just 1.77 percentage points above the Treasury 20-year bond yield — a very narrow spread for a non-investment-grade bond. The issue was rated Ba2 by Moody’s Investors Service Inc. and BB+ by Standard & Poor’s Corp.

The issue is part of Turner’s recent $ 1.1 billion shelf registration. Proceeds from the offering will be used to redeem $ 288 million of the company’s outstanding convertible subordinated notes due 2004.

The selling concession is $ 10 and delivery is scheduled for July 8.

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