Earle M. Jorgensen $250 million 10-year notes talk at 9¾% area, pricing Friday

By Paul A. Harris

St. Louis, Mo., May 15 - Price talk of a yield in the 9¾% area emerged Wednesday on Earle M. Jorgensen Co., Inc.'s $250 million of senior secured notes due 2012 (B-), according to a syndicate source who added that the deal is expected to price Friday.

Credit Suisse First Boston and Deutsche Bank Securities are joint bookrunners and JP Morgan is the co-manager.

The Rule 144A notes are non-callable for five years.

Proceeds will be used to repay the term loan and the 9½% senior notes due 2005, and to pay a $25 million dividend.

The Brea, Calif.-based company is a metal products distributor.

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