Meredith Corporation announced that it has priced at 6.875% its offering of $1.4 billion senior unsecured notes due 2026. Meredith also announced that it has allocated $2.15 billion of secured credit facilities, which are expected to be comprised of a 7-year $1.8 billion term loan at an interest rate of LIBOR + 3.00% and a $350 million 5-year revolving credit facility at an initial interest rate of LIBOR + 3.00%. Meredith expects the Notes offering and the senior credit facilities to close on or about January 31, 2018, subject to customary closing conditions that include, among other things, the consummation of Meredith's proposed acquisition of Time Inc. Meredith intends to use the net proceeds of the Notes offering and the senior credit facilities to fund a portion of its proposed acquisition of Time Inc.; to repay existing Meredith and Time Inc. indebtedness and credit facilities; and to pay other fees and expenses related to Meredith's acquisition of Time Inc. and the related refinancing of Meredith's and Time Inc.'s existing debt. The Notes will be offered in the United States to qualified institutional buyers that are qualified purchasers pursuant to Rule 144A under the Securities Act of 1933, as amended, and outside the United States to non-U.S. persons pursuant to Regulation S under the Securities Act. The Notes will not be registered under the Securities Act or any state securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws.