Today's LIBOR Rates
July 28, 2010
1 M |
0.31563 |
 |
3 M |
0.47500 |
|
6 M |
0.68794 |
|
1 YR |
1.06438 |
|
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Reader’s Digest Sells LIBOR-Based Notes |
February 3, 2010
According to Reuters and The Wall Street Journal, Reader’s Digest has sold $525 million in notes with rates tied to LIBOR, the London Interbank Offered Rate. LIBOR is a filtered average of rates that banks charge each other for unsecured, short-term loans.
Reader’s Digest’s notes are senior secured, first lien floating rate that mature in 2017. The rate is Three-Month LIBOR plus 650 basis points (6.5%). JP Morgan, Bank of America Merrill Lynch, Credit Suisse and Goldman Sachs were joint bookrunning managers. In August, LIBORATED.com reported that Reader’s Digest had received Debtor-In-Possession (DIP) financing with rates of LIBOR plus 10% with a LIBOR floor of 3.5%, constituting a minimum interest rate of 13.5%.