Indalex Aluminum adds second-lien security to $280 million two-part offering

By Paul A. Harris

St. Louis, Jan. 23 - Indalex Aluminum Solutions has secured its $280 million offering of eight-year notes (expected ratings B3/B-) with a second-lien structure, according to a market source.

The notes, which were changed from a senior unsecured structure, will be offered in two parts: a tranche of fixed-rate notes with four years of call protection and a tranche of floating-rate notes with two years of call protection.

Pricing is expected late this week.

JP Morgan has the books for the notes, which are being marketed via Rule 144A with registration rights and via Regulation S. Harris Nesbitt, Credit Suisse, Morgan Joseph and Piper Jaffray are the co-managers.

Proceeds will be used to fund the leveraged buyout by Sun Capital Partners, Inc.

Indalex is a Mississauga, Ont.-based aluminum extrusion company.

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