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American Media heard to be in private placement market for $90 million
New York, Nov. 16 - American Media Operations Inc. is expected to raise $90 million in the mezzanine or private placement markets, a debt capital markets banker said late Tuesday.
The company originally planned to sell $90 million of second-lien senior secured notes as part of a $475 million offering in the high-yield market, but this tranche was cut.
American Media Operations and AMO Escrow Corp. priced $385 million of seven-year first-lien senior secured notes at par to yield 11½% on Tuesday.
The New York-based magazine publisher will use the proceeds to finance its exit from bankruptcy.
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