NBC deal expected to push Sept IG supply to 2012 record
Sept 28 (IFR) - NBC Universal Media is likely to raise at least US$1bn from its two-part bond offering announced on Friday, making September the busiest month in 2012 for primary high-grade issuance volume.
As of end Thursday, primary volume totaled US$107.125bn, about a billion dollars away from the current record US$108.115bn set in March.
Fridays are usually quiet days for the US high-grade market but NBC Universal's announcement of a benchmark sized two-part bond offering raised hopes the month would end up in the record books.
Sources said that was likely since NBC Universal's bond offering had attracted strong demand and it could raise at least US$1bn with Friday's offering. The company could even decide to raise up to US$2bn, said one source.
NBC Universal, rated Baa2/BBB+/BBB, is looking to issue 10-year and 30-year bonds via Credit Suisse, JP Morgan, Morgan Stanley and RBC as joint bookrunners.
The company will use the proceeds to fund working capital and redeem its 8.875% notes due November 2015 and 10.875% notes due November 2016.
Any excess proceeds will be used to fund a portion of the anticipated future redemptions of GE's interest in NBC Universal Holdings, the company said in a termsheet.
- Housing, jobs data weaken, but overall economic picture still upbeat
- Last-minute Obamacare exemption for those with canceled plans
- UPDATE 6-Target cyber breach hits 40 mln payment cards at holiday peak
- New York Mayor-elect's reputation for lateness parodied on Twitter
- Target cyber breach hits 40 million payment cards at holiday peak |