Continental Rubber of America to start roadshow Tuesday for $500 million seven-year notes

By Paul A. Harris

Portland, Ore., Sept. 10 - Continental Rubber of America Corp., a subsidiary of Germany's Continental AG, plans to debut in the dollar-denominated high-yield market with a $500 million offering of seven-year senior notes (expected ratings Ba3/BB-), according to market sources.

A roadshow is scheduled to get underway on Tuesday, and an investor call is set for Wednesday.

J.P. Morgan Securities LLC, Bank of America Merrill Lynch, Credit Agricole CIB, Deutsch Bank, HSBC and RBS Securities Inc. are the joint bookrunners.

Credit Suisse is the lead manager.

Deutsche Bank will bill and deliver.

The Rule 144A and Regulation S for life notes come with three years of call protection and feature a101% poison put.

Proceeds will be used to repay debt under the company's syndicated facilities agreement.

The issuer, an automotive supplier of electronic systems and components, tires and non-tire rubber products, is incorporated in Delaware.

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