Dresser-Rand to launch $420 million 10-year note offering

By Paul A. Harris

St. Louis, Oct. 4 - Dresser-Rand Co. will launch in a roadshow Wednesday a $420 million offering of 10-year senior subordinated notes (B3/B-), according to market sources.

The deal is expected to price late in the week of Oct. 11.

The notes come with five years of call protection.

Morgan Stanley, Citigroup and UBS Investment Bank are joint bookrunners for the Rule 144A offering.

Proceeds will be used to help fund First Reserve Corp.'s acquisition of Dresser-Rand from Ingersoll-Rand Co. Ltd. for about $1.2 billion.

Dresser-Rand is an Olean, N.Y., supplier of infrastructure equipment to the energy industry.

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