Dick Clark Productions To Offer $150 Million In Junk Bonds
August 3, 2010 at 7:57 AM (PT)
DICK CLARK PRODUCTIONS is reportedly set to sell about $150 million of first lien notes in the junk bond market. REUTERS reports "Issuance of junk bonds has picked up as falling interest rates boost demand for higher-yielding debt. Junk bonds last month rallied the most they have all year, with returns of nearly 3.5%, according to BANK OF AMERICA MERRILL LYNCH indexes. Proceeds of DICK CLARK PRODUCTIONS' new bonds will be used to repay about $51 million in bank loans and fund a $90 million distribution to the company's parent, MOODY's said.
DICK CLARK PRODUCTIONS also produces the "American Music Awards," "Academy of Country Music Awards" and "Dick Clark's New Year's Rockin' Eve" show.