LBI Media, known in the industry as Liberman Broadcasting, has priced its previously announced offering of new senior secured notes due 2019. The private placement was slightly reduced to $220 million from $240 million.
The new notes carry a coupon of 9.25% and sold at 98.594% of face value. They will pay interest twice per year. Thompson Reuters’ IFR service calculated the effective yield at 9.5%. LBI expects the issue placement to close Friday (3/18), with maturity April 15, 2019.
Credit Suisse, Macquarie and Wells Fargo were the joint bookrunning managers for the bond sale.
LBI Media owns radio stations, TV stations and the EstrellaTV network, all aimed at the US Hispanic audience.