Affinia talks $250 million eight-year senior notes to yield 7¾%-8%

By Paul A. Harris

Portland, Ore., April 10 - Affinia Group Inc. talked its $250 million offering of eight-year senior notes (Caa2/B-/) to yield 7¾% to 8%, a market source.

The deal is set to price on Thursday.

J.P. Morgan Securities LLC, BofA Merrill Lynch, Barclays and Deutsche Bank Securities Inc. are the joint bookrunners.

The Rule 144A and Regulation S with registration rights notes become callable in three years at par plus 75% of the coupon.

Proceeds will be used to redeem the company's existing notes and preferred shares, as well as to partially redeem its seller note and to make a distribution to its shareholders.

Affinia is an Ann Arbor, Mich.-based supplier of aftermarket auto and industrial filters.

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