International Wire starts roadshow for $250 million five-year notes

By Paul A. Harris

Portland, Ore., Sept. 24 - International Wire Group, Inc. started a roadshow on Monday for a $250 million offering of five-year senior secured notes (B3/B), according to a market source.

The deal is expected to price late in the Sept. 24 week.

J.P. Morgan Securities LLC, Wells Fargo Securities LLC and Jefferies & Co. are the joint bookrunners.

The Rule 144A and Regulation S for life notes come with two years of call protection. However a special call provision allows the issuer to redeem up to 10% of the notes annually at 103 during the non-call period.

The Camden, N.Y.-based wire products manufacturer plans to use the proceeds, along with advances under its revolver, to retire all of its senior notes due 2015, and all of International Wire Group Holdings, Inc.'s PIK notes, as well as to fund a special distribution to Holdings, the proceeds of which will be used by the holding company to make a distribution and/or a stock repurchase.

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