Exide downsizes to $290 million; eight-year notes talked 10¼%-10½%

By Paul A. Harris

St. Louis, March 10 - Exide Technologies Inc. downsized its offering of eight-year senior notes to $290 million from $350 million, according to a syndicate source.

The notes (Caa1/B) are being talked at 10¼% to 10½% and are expected to price on Monday.

Deutsche Bank Securities and Credit Suisse First Boston are the bookrunners for the Rule 144A/Regulation S offering. Banc of America Securities LLC and UBS Investment Bank are the co-managers.

The notes will be non-callable for four years.

Proceeds will be used to repay Exide's senior credit facilities and to provide the company with greater liquidity.

The company shifted $60 million to an offering of convertible floating-rate notes from the senior note offering.

Exide is a Lawrenceville, N.J., stored electrical energy solutions provider.

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