Exide talks $675 million seven-year secured notes with 8¾% area yield

By Paul A. Harris

Portland, Ore., Jan. 12 - Exide Technologies talked its $675 million offering of seven-year senior secured notes (B2/B) with an 8¾% area yield on Wednesday, according to an informed source.

The deal is expected to price on Thursday.

Deutsche Bank Securities Inc. is the left bookrunner for the Rule 144A and Regulation S offering. Wells Fargo and Morgan Stanley & Co. Inc. are the joint bookrunners.

Barclays Capital Inc. is a co-manager.

The notes come with four years of call protection.

Proceeds will be used to repay bank debt, to fund a tender offer for the company's 10½% senior notes due 2013, to fund working capital and for general corporate purposes.

Exide is a Milton, Ga.-based stored electrical-energy solutions company.

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