Allied Specialty lowers maturity of $200 million notes offer to six years, sets talk at 8½% area

By Paul A. Harris

Portland, Ore., Oct. 15 - Allied Specialty Vehicles Inc. decreased the maturity of its $200 million offering of senior secured notes (B3/B+) to six years from seven years, a market source said on Tuesday.

The restructured deal is talked to yield in the 8½% area.

Books close at 1 p.m. ET on Wednesday, and the deal is set to price thereafter.

Deutsche Bank Securities Inc., Morgan Stanley & Co. LLC and Goldman Sachs & Co. are the joint bookrunners for the Rule 144A for life and Regulation S offering.

Call protection for the notes remains unchanged at three years.

Proceeds will be used to pay down debt and fund an acquisition.

The prospective issuer is a manufacturer of specialty vehicles in the recreational vehicle, fire, ambulance, bus, terminal truck and industrial sweeper markets.

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