By Andrea Heisinger
New York, Dec. 8 - TCM Sub, LLC sold $885 million of 3.55% five-year notes on Tuesday to yield 145 basis points over Treasuries, a source close to the sale said.
The notes (Baa1/A-/) priced at 99.914 to yield 3.568%. There is a make-whole call at 20 bps over Treasuries.
The deal was done via Rule 144A.
Bank of America Merrill Lynch, Goldman Sachs & Co., Morgan Stanley & Co. and Wells Fargo Securities were the bookrunners.
The joint venture between Scripps Networks Interactive Inc. and Cox Communications Inc. was created to facilitate Scripps' acquisition of a majority stake in the Travel Channel from Cox.
Scripps is based in Cincinnati, and Cox Communications is based in Atlanta.
| Issuer: | TCM Sub, LLC
|
| Issue: | Notes
|
| Amount: | $885 million
|
| Maturity: | Jan. 15, 2015
|
| Bookrunners: | Bank of America Merrill Lynch, Goldman Sachs & Co., Morgan Stanley & Co., Wells Fargo Securities
|
| Coupon: | 3.55%
|
| Price: | 99.914
|
| Yield: | 3.568%
|
| Spread: | Treasuries plus 145 bps
|
| Call: | Make-whole at Treasuries plus 20 bps
|
| Distribution: | Rule 144A
|
| Trade date: | Dec. 8
|
| Settlement date: | Dec. 15
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: A-
|
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