Exide brings $675 million two-part note offering via Morgan Stanley, Deutsche Bank, Well Fargo

By Paul A. Harris

St. Louis, Aug. 5 - Exide Technologies, Inc. announced a $675 million two-part offering of senior secured notes, according to a Thursday press release.

The deal features tranches of five-year notes, which come with three years of call protection, and seven-year notes, which come with four years of call protection, according to a market source.

Tranche sizes remain to be determined.

Morgan Stanley & Co. Inc., Deutsche Bank Securities Inc. and Wells Fargo Securities will lead the Rule 144A and Regulation S deal, the source added.

Specific timing remains to be determined. However the deal is expected to come in the near term, according to the market source.

The Milton, Ga.-based stored electrical-energy solutions company will use the proceeds to repay bank debt, as well as to fund the redemption of its 10½% senior notes due 2013, to provide working capital and for general corporate purposes.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.