Erico $135 million eight-year notes talked at 8¾%

By Paul Deckelman

New York, Feb. 10 - Erico International Corp.'s (B3/B-) upcoming offering of $135 million senior subordinated notes due 2012 was heard talked at a yield in the 8¾% area.

That issue is expected to price Thursday, a high yield market source told Prospect News.

The Rule 144A offering is coming to market via Deutsche Bank Securities and JP Morgan.

Erico, a Solon, Ohio-based manufacturer of engineered metal products for niche applications, plans to use the new-deal proceeds, along with $19.5 million from its $75 million secured revolving credit facility, to refinance $124.5 million of the company's existing debt and pay a $25 million cash dividend to the company's shareholders.

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