By Paul A. Harris
St. Louis, March 15 - Exide Technologies Inc. priced a downsized and restructured $290 million issue of eight-year senior secured second-lien notes (Caa1/B) at par to yield 10½%, according to syndicate sources.
Price talk was 10¼% to 10½%.
The company had originally been in the market with senior unsecured notes.
Deutsche Bank Securities and Credit Suisse First Boston were the bookrunners for the Rule 144A/Regulation S issue, which has registration rights. Banc of America Securities LLC and UBS Investment Bank were the co-managers.
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 original $350 million senior notes offering.
Exide is a Lawrenceville, N.J., stored electrical energy solutions provider.
| Issuer: | Exide Technologies Inc.
|
| Amount: | $290 million (decreased from $350 million)
|
| Maturity: | March 15, 2013
|
| Security description: | Senior secured second-lien notes (restructured from senior notes)
|
| Bookrunners: | Deutsche Bank Securities, Credit Suisse First Boston
|
| Co-managers: | Banc of America Securities LLC, UBS Investment Bank
|
| Coupon: | 10½%
|
| Price: | Par
|
| Yield: | 10½%
|
| Spread: | 609 basis points
|
| Call features: | Callable after March 15, 2009 at 105.25, 102.625, par on and after March 15, 2011
|
| Equity clawback: | Until March 15, 2008 for 35% at 110.50
|
| Trade date: | March 15
|
| Settlement date: | March 18
|
| Ratings: | Moody's: Caa1
|
| Standard & Poor's: B
|
| Price talk: | 10¼%-10½%
|
|
|
© 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.
