Alliant Techsystems expected to sell notes in September via Bank of America Merrill Lynch

By Paul A. Harris

St. Louis, Aug. 31 - Alliant Techsystems, Inc. is expected to bring a new issue of high-yield notes to market in September, according to a mutual fund manager whose portfolio includes junk bonds.

Bank of America Merrill Lynch is expected to quarterback the deal.

The uses of proceeds will include the refinancing of $280 million of the company's 3% senior subordinated convertible notes due Aug. 15, 2024, which become putable on Oct. 1, 2010, the manager said, and added that those convertibles are presently out of the money.

Alliant Techsystems' 6¾% senior subordinated notes due 2016 are presently rated B1 by Moody's Investors Service and BB by Standard & Poor's, the source said.

The prospective issuer is a Minneapolis-based aerospace and defense company.

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