Lummus Technology sets roadshow for $460 million eight-year notes

By Paul A. Harris

Portland, Ore., June 10 – Lummus Technology Inc. plans to kick off a $460 million offering of eight-year senior notes (Caa1/B-) on an investor call scheduled for 10:30 a.m. ET on Thursday, according to a syndicate source.

The deal is set to price in the middle part of the June 15 week.

Credit Suisse Securities (USA) LLC is the left bookrunner. Macquarie Capital, RBC Capital Markets LLC, SG CIB, UBS Securities LLC and SunTrust Robinson Humphrey Inc. are the joint bookrunners.

The Rule 144A and Regulation S for life notes become callable after three years at par plus 50% of the coupon. There is a special call provision for up to $150 million of the notes during the first six months at par plus 50% of coupon with proceeds from certain equity offerings.

The notes feature a three-year 40% equity clawback and a 101% poison put.

Proceeds, together with borrowings under the senior facilities and the equity contribution, will be used to fund the acquisition of the company by Rhone Capital and Chatterjee Group.

The issuing entities will be Illuminate Buyer, LLC and Illuminate Holdings IV, Inc.

Lummus Technology is a developer and licensor of mission essential technologies for the refining and petrochemical industries and a supplier of catalysts and proprietary equipment.

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