By Paul A. Harris
St. Louis, Aug. 6 - GenCorp Inc. priced a downsized $150 million of senior subordinated notes due Aug. 15, 2013 (B2/B+) at par Wednesday to yield 9½%, according to market sources.
The deal was reduced from $175 million. Price talk was for a yield in the 9% area.
Deutsche Bank Securities Inc. was the bookrunner on the Rule 144A deal.
Proceeds will be used to finance the company's acquisition of the propulsion business of Atlantic Research Corp. and to refinance existing debt.
The issuer is based in Sacramento, Calif.
| Issuer: | GenCorp Inc.
|
| Amount: | $150 million (decreased from $175 million)
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| Maturity: | Aug. 15, 2013
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| Security description: | Senior subordinated notes
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| Bookrunner: | Deutsche Bank Securities
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| Coupon: | 9½%
|
| Price: | Par
|
| Yield: | 9½%
|
| Spread: | 523 basis points
|
| Settlement date: | Aug. 11, 2003
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: B+
|
| Price talk: | 9% area
|
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