Cooper-Standard Automotive to price $250 million four-year secured notes on Thursday

By Paul A. Harris

Portland, Ore., May 19 – Cooper-Standard Automotive Inc. plans to price a $250 million offering of four-year senior secured notes (B-) on Thursday, according to a syndicate source.

The Rule 144A and Regulation S for life deal was scheduled to be shopped on an investor call set for 1:30 p.m. ET on Tuesday.

BofA Securities Inc., Goldman Sachs & Co. LLC and Deutsche Bank Securities Inc. are the joint bookrunners.

The notes become callable after two years at par plus 50% of the coupon. They feature a two-year 35% equity clawback at par plus the coupon and a 101% poison put.

The Novi, Mich.-based supplier of sealing, fuel and brake delivery, and fluid transfer systems for vehicles plans to use the proceeds for general corporate purposes, including increasing its liquidity.

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