Dresser-Rand to bring $420 million bonds in October

By Paul A. Harris and Sara Rosenberg

St. Louis, Sept. 21 - Dresser-Rand plans to sell $420 million of bonds as part of the financing for First Reserve Corp.'s $1.2 billion acquisition of Dresser-Rand from Ingersoll-Rand Co. Ltd., according to a market source.

The deal is expected to come in October.

Morgan Stanley, Citigroup and UBS Investment Bank will have the books.

Dresser-Rand, an Olean, N.Y.-based supplier of infrastructure equipment to the energy industry, will also obtain a new credit facility.

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