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Esterline talks €330 million eight-year notes to yield in 3¾% area; pricing Thursday
By Paul A. Harris
Portland, Ore., March 26 – Esterline Corp. talked its €330 million offering of eight-year senior notes (Ba2/BB+) to yield in the 3¾% area, according to market sources.
Books close at 1 p.m. ET on Thursday, and the Rule 144A and Regulation S for life offering is set to price thereafter.
Joint bookrunner BofA Merrill Lynch will bill and deliver. Wells Fargo Securities LLC is also a joint bookrunner.
HSBC Securities, MUFG, U.S. Bancorp Investments Inc., Goldman Sachs & Co., KeyBanc and TD Securities are the co-managers.
The notes become callable after three years at par plus 75% of the coupon.
The Reston, Va.-based supplier of equipment, technology and services plans to use the proceeds to repay bank debt.
Esterline specializes in avionics and controls, sensors and systems, and advanced materials for the aerospace and defense sectors.
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