FastenTech postpones $175 million eight-year notes, cites market conditions

By Paul A. Harris

St. Louis, Feb. 18 - FastenTech, Inc. postponed its offering of $175 million of eight-year senior subordinated notes (B3/B-) due to market conditions, a syndicate source told Prospect News Tuesday.

Price talk had been for a yield of 11¼%-11½%.

Proceeds from the Rule 144A deal, via joint bookrunners JP Morgan and Lehman Brothers, and co-manager Banc One Capital Markets, were slated to repay debt and settle interest rate swaps.

The Minneapolis-based company manufactures and markets specialized fastener systems.

© 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.