New Issue: Columbus McKinnon upsizes to $115 million, seven-year notes yield 10%

By Paul A. Harris

St. Louis, July 15 - Columbus McKinnon Corp. priced an upsized offering of $115 million senior secured notes due Aug. 1, 2010 (B3/B-) at par Tuesday to yield 10%, according to a syndicate source.

Price talk was 10%-10¼% and the deal was increased from $100 million.

Credit Suisse First Boston was bookrunner on the Rule 144A deal. Fleet Securities was co-manager.

Proceeds will be used to repay the revolver and term loan B, and other debt.

The issuer is an Amherst, N.Y.-based manufacturer of hoists.

Issuer:	Columbus McKinnon Corp.
Amount:	$115 million (increased from $100 million)
Maturity:	Aug. 1, 2010
Security description:	Senior secured notes
Bookrunner:	Credit Suisse First Boston
Co-manager:	Fleet Securities
Coupon:	10%
Price:	Par
Yield:	10%
Spread:	658 basis points over 5¾% Treasury due August 2010
Call features:	Callable on Aug. 1, 2007 at 105.0, then at 102.50, declining to par on Aug. 1, 2009 and thereafter
Equity clawback:	Until Aug. 1, 2006 at 110.0 for up to 35%
Settlement date:	July 22, 2003 (T+5)
Ratings:	Moody's: B3
	Standard & Poor's B-
Rule 144A Cusip:	199333AD7
Price talk:	10%-10¼%

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