New Issue: Affinia prices $250 million eight-year notes at par to yield 7¾%

By Paul A. Harris

Portland, Ore., April 11 - Affinia Group Inc. priced a $250 million issue of eight-year senior notes (Caa2/B-/) at par to yield 7¾% on Thursday, according to a market source.

The yield printed at the tight end of the 7¾% to 8% yield talk.

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

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.

Issuer:	Affinia Group Inc.
Amount:	$250 million
Maturity:	May 1, 2021
Securities:	Senior notes
Bookrunners:	J.P. Morgan Securities LLC, BofA Merrill Lynch, Barclays, Deutsche Bank Securities Inc.
Coupon:	7¾%
Price:	Par
Yield:	7¾%
Spread:	635 bps
Call features:	Make-whole call at Treasuries plus 50 bps until May 1, 2016, then callable at 105.813, 103.875, 101.938, par on and after May 1, 2019
Equity clawback:	35% at 107.75 until May 1, 2016
Change-of-control put:	101%
Trade date:	April 11
Settlement date:	April 25
Ratings:	Moody's: Caa2
	Standard & Poor's: B-
Distribution:	Rule 144A and Regulation S with registration rights
Price talk:	7¾% to 8%
Marketing:	Roadshow

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