Euramax talks $385 million five-year notes at 12%; pricing Thursday

By Paul A. Harris

Portland, Ore., July 30 – Euramax International, Inc., a wholly owned subsidiary of Euramax Holdings, Inc., talked its $385 million offering of five-year senior secured notes (Caa2/B-) to yield 12%, according to a market source.

The deal is expected to price Thursday.

Deutsche Bank Securities Inc. is leading the Rule 144A and Regulation S for life offering.

The notes become callable after 2.5 years at par plus 75% of the coupon. A special call provision allows the issuer to redeem 10% of the notes annually during the non-call period.

The notes also feature a 2.5-year 35% equity clawback.

The Norcross, Ga.-based producer of metal and vinyl products plans to use the proceeds to pay off its 9˝% senior secured notes due 2016, with any remaining proceeds to be used for general corporate purposes.

Euramax’s products are sold to the residential repair and remodel, commercial construction and recreational vehicle markets primarily in North America and Europe.

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