By Paul A. Harris
Portland, Ore., Jan. 13 - Exide Technologies priced a $675 million issue of seven-year senior secured notes (B2/B/) at par to yield 8 5/8% on Thursday, according to an informed source.
The yield printed at the tight end of the 8¾% area price talk.
Deutsche Bank Securities Inc. is the left bookrunner for the Rule 144A and Regulation S offering. Wells Fargo and Morgan Stanley & Co. Inc. were the joint bookrunners.
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.
| Issuer: | Exide Technologies
|
| Amount: | $675 million
|
| Maturity: | Feb. 1, 2018
|
| Securities: | Senior secured notes
|
| Bookrunners: | Deutsche Bank Securities Inc. (left books), Wells Fargo Securities, Morgan Stanley & Co. Inc.
|
| Co-managers: | Barclays Capital Inc., SunTrust Robinson Humphrey Inc.
|
| Coupon: | 8 5/8%
|
| Price: | Par
|
| Yield: | 8 5/8%
|
| Spread: | 593 bps
|
| Call protection: | Four years
|
| Trade date: | Jan. 13
|
| Settlement date: | Jan. 25
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: B
|
| Distribution: | Rule 144A and Regulation S with registration rights
|
| Price talk: | 8¾% area
|
| Marketing: | Brief roadshow
|
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