DAE Aviation talks $325 million eight-year senior notes at 11%-11¼%

By Paul A. Harris

St. Louis, July 23 - DAE Aviation Holdings Inc. set price talk for its $325 million offering of eight-year senior unsecured notes (Caa2/B-) at 11% to 11¼% on Monday, according to an informed source.

The books close at noon ET on Tuesday, and the notes are expected to price thereafter.

Barclays Capital and Lehman Brothers are joint bookrunners for the Rule 144A and Regulation S for life notes.

The notes will come with four years of call protection.

Proceeds will be used to help fund the acquisition, by Dubai Aerospace Enterprises, of Standard Aero Holdings Inc. and Piedmont/Hawthorne Holdings from the Carlyle Group.

DAE Aviation is a provider of maintenance, repair and overhaul of engines for business and regional jets and a provider of component and airframe repairs, large business jet completions and modifications, MRO services for certain military engines and engineering services.

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