Euramax talks $375 million five-year notes with 9% area yield

By Paul A. Harris

Portland, Ore., March 10 - Euramax International, Inc. talked its $375 million offering of five-year senior secured notes (Caa1/B-) with a yield in the 9% area on Thursday, according a market source.

The deal is set to price on Friday afternoon.

Deutsche Bank Securities Inc. has the books for the Rule 144A with registration rights offering. Gleacher Securities, Wells Fargo Securities and Morgan Keegan are the co-managers.

The notes come with two years of call protection. However, a special call provision allows the issuer to redeem 10% of the notes annually at 103 during the non-call period.

The notes also feature a 101% poison put.

Proceeds will be used to refinance first-lien bank debt.

Euramax is a Norcross, Ga., producer of aluminum, steel, vinyl and fiberglass building supplies.

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