Collins & Aikman Products talks restructured $400 million eight-year notes to yield 13%

By Paul A. Harris

St. Louis, Aug. 10 - Collins & Aikman Products Co. intends to price a restructured $400 million offering of eight-year senior subordinated notes (B3/B-) Thursday with a 12¾% coupon at a slight discount to yield 13%, according to a market source.

Call protection has been increased to five years from four years.

Deutsche Bank Securities, Credit Suisse First Boston and JP Morgan are the underwriters for the Rule 144A offering.

Proceeds will be used to redeem Collins & Aikman Products' 11½% senior subordinated notes due 2006.

The prospective issuer is a Troy, Mich.-based manufacturer of plastic interior and exterior automotive trim.

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