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Invensys price talk 9½%-9¾% on both tranches of £650 million equivalent deal
By Paul A. Harris
St. Louis, Feb. 25 - Price talk of 9½% to 9¾% emerged Wednesday on both tranches of Invensys plc's total £650 million equivalent of seven-year senior notes (B3/B-), a market source said.
The notes will be offered in dollar and euro tranches and are expected to be priced on Friday.
Deutsche Bank Securities is the bookrunner on the Rule 144A offering.
The notes will come with four years of call protection.
Proceeds from the sale will be used as part of the London-based engineering company's £2.7 billion refinancing plan.
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