Australian media company APN News & Media has withdrawn a $250 million debut offering of senior notes via Credit Suisse, Deutsche Bank, and HSBC, according to a corporate statement. The company “decided not to proceed” despite “significant investor interest” because terms and conditions were not satisfactory to the firm.
This is an initial postponement amid the busy week in a deteriorating high-yield marketplace, and it’s the fifth sidelined deal of the year, according to LCD. One is back in market, of course: Jupiter Resources is again seeking to place a $1.125 billion issue to fund an acquisition.
The APN News & Media deal was structured as seven-year (non-call three) senior notes, and issuance was to be under Rule 144A for life. Ratings were BB/Ba3, and proceeds were being raised for RC repayments and for general corporate purposes.
Sydney, Australia-based APN News & Media Limited publishes newspapers and magazines in Australia and New Zealand. It trades on the Australian Stock Exchange under the symbol APN and has a market capitalization of $792 million. – Matt Fuller