New Issue: FastenTech prices $175 million eight-year notes to yield 11½%

By Paul A. Harris

St. Louis, April 24 - FastenTech Inc. sold $175 million of senior subordinated notes due May 1, 2011 (B3/B-) in a quick-to-market transaction Thursday, according to market sources. The notes priced at par to yield 11½%

Proceeds will be used to repay existing debt.

JP Morgan and Lehman Brothers were joint bookrunners. NatCity Investments was co-manager.

The issuer is a Minneapolis manufacturer of specialty fasteners and fastener systems.

Issuer:	FastenTech Inc.
Amount:	$175 million
Maturity:	May 1, 2011
Security description:	Senior subordinated notes
Bookrunners:	JP Morgan, Lehman Brothers
Co-managers:	NatCity Investments
Coupon:	11½%
Price:	Par
Yield:	11½%
Spread:	759 basis points
Price talk:	11¼%-11½%
Call features:	Callable on May 1, 2007 at 105.75, then at 102.875, declining to par on May 1, 2009 and thereafter
Equity clawback:	Until May 1, 2006 for 35% at 11.50
Settlement date:	May 1
Ratings:	Moody's: B3
	Standard & Poor's: B-
Rule 144A Cusip:	31188BAA2

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