By Paul A. Harris
St. Louis, Dec. 10 - Douglas Dynamics LLC in conjunction with Douglas Dynamics Finance Co. priced $150 million of seven-year senior notes (B3/B-) Friday at par to yield 7¾%.
The seven-year notes priced inside of the 8% area price talk.
Credit Suisse First Boston had the books for the Rule 144A/Regulation S issue. Goldman Sachs & Co. was the co-manager.
Proceeds will be used to repay bank debt and to fund a dividend payment. The sponsor is Aurora Capital.
The issuer is a Milwaukee-based manufacturer of snow and ice removal equipment.
| Issuer: | Douglas Dynamics LLC and Douglas Dynamics Finance Co.
|
| Amount: | $150 million
|
| Maturity: | Jan. 15, 2012
|
| Security description: | Senior notes
|
| Bookrunner: | Credit Suisse First Boston
|
| Co-manager: | Goldman Sachs & Co.
|
| Coupon: | 7¾%
|
| Price: | Par
|
| Yield: | 7¾%
|
| Call features: | Callable on or after Jan. 15, 2009 at 103.875, 101.938, par on and after Jan. 15, 2011
|
| Equity clawback: | Until Jan. 15, 2008 for 35% at 107.75
|
| Trade date: | Dec. 10
|
| Settlement date: | Dec. 16
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B-
|
| Price talk: | 8% area
|
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