Published on 3/26/2015 in the Prospect News High Yield Daily.
New Issue: Esterline prices €330 million eight-year notes at par to yield 3 5/8%
By Paul A. Harris
Portland, Ore., March 26 – Esterline Corp. priced a €330 million issue of eight-year senior notes (Ba2/BB+) at par to yield 3 5/8% on Thursday, according to a market source.
The yield printed at the tight end of yield talk in the 3¾% area.
Joint bookrunner BofA Merrill Lynch will bill and deliver. Wells Fargo Securities LLC was also a joint bookrunner.
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.
| Issuer: | Esterline Corp.
|
| Amount: | €330 million
|
| Maturity: | April 15, 2023
|
| Securities: | Senior notes
|
| Bookrunners: | BofA Merrill Lynch (bill and deliver), Wells Fargo Securities LLC
|
| Co-managers: | HSBC, MUFG, U.S. Bancorp Investments Inc., Goldman Sachs, KeyBanc, TD
|
| Coupon: | 3 5/8%
|
| Price: | Par
|
| Yield: | 3 5/8%
|
| First call: | April 15, 2018 at 102.719
|
| Trade date: | March 26
|
| Ratings: | Moody's: Ba2
|
| Standard & Poor's: BB+
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 3¾% area
|
| Marketing: | Roadshow
|
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