By Paul A. Harris
St. Louis, March 6 - Alliant Techsystems Inc. priced a $400 million issue of 10-year senior subordinated notes (B2/B+) at par to yield 6¾% on Monday, according to an informed source.
The yield came on top of the price talk.
Banc of America Securities LLC ran the books for the placement of notes, which were registered with the Securities and Exchange Commission.
Proceeds will be used to fund the tender for $400 million of the company's 8½% senior subordinated notes due 2011.
The issuer is a Minneapolis-based high-tech defense contractor.
| Issuer: | Alliant Techsystems Inc.
|
| Amount: | $400 million
|
| Maturity: | April 1, 2016
|
| Security description: | Senior subordinated notes
|
| Bookrunner: | Banc of America Securities LLC
|
| Coupon: | 6¾%
|
| Price: | Par
|
| Yield: | 6¾%
|
| Spread: | 202 bps
|
| Call protection: | Make-whole call at Treasuries plus 50 bps until April 1, 2011
|
| Equity clawback: | Until April 1, 2009 for 35% at 106.75
|
| Trade date: | March 6
|
| Settlement date: | March 15
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: B+
|
| Distribution: | SEC registered
|
| Price talk: | 6¾%
|
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