By: E&P Staff
The Tribune Co. announced today that it has agreed to sell $450 million of 4.875% Notes due 2010 and $330 million of 5.25% Notes due 2015. Closing is expected to occur on Aug. 15. Tribune intends to use the proceeds of the offering to repay all outstanding commercial paper costs and for general corporate purposes.
“With our commercial paper balances in the $600 million range and with $420 million of fixed-rate debt maturing over the next 15 months, we believe this is an opportune time to lock in long-term rates we consider attractive,? Donald Grenesko, Tribune senior vice president/finance and administration, said in a statement.
Banc of America Securities, Citigroup, and Merrill Lynch are acting as joint book-running managers for the Notes offering. Deutsche Bank Securities, JPMorgan, and Morgan Stanley are acting as co-managers.