Bankers Trust New York Corporation has completed a public offering for $120 million in senior subordinated notes for Young Broadcasting Co..
The New York-based Young will use revenues from the public bond offering for the acquisition of three additional television stations.
Young Broadcasting currently owns and operates tone network television stations.
The notes were sold through lead manager BT Securities Corp., a wholly owned subsidiary of Bankers Trust, at 11.75%, or a spread of 372 basis points over 10-year treasuries.
The Young underwriting represents the first midsingle B-rated transaction priced below 12% since August 1994, and the first priced at a spread tighter than 400 basis points over treasuries since June, 1994.
Bankers Trust has actively been involved in traderwriting with the broadcasting company. BT underwrote and agented a $200 million bank-credit facility while BT Securities was a co-lead manager of Young's $64 million public stock offering in October 1994.