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.

More Biz

  • Lantern Capitol

    Weinstein Co. Closes $289 Million Sale to Lantern Capital

    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 […]

  • STX Targeting August IPO in Hong

    STX Targeting August IPO in Hong Kong (Report)

    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 […]

  • Instagram

    Instagram Suffers Global Outage

    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 […]

  • Harvey Weinstein arrives to court in

    Harvey Weinstein Attorney Says He Was Misquoted in 'Roles for Sex' Interview

    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 […]

More From Our Brands

Access exclusive content