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Allison Transmission to sell $1.1 billion senior notes July or August
By Paul A. Harris
St. Louis, July 18 - Allison Transmission is expected to launch a $1.1 billion two-part senior notes offering (Caa1) during July or August, according to an informed source.
Citigroup, Lehman Brothers and Merrill Lynch & Co. will run the books for the Rule 144A for life offering that is expected to be comprised of cash-pay notes and toggle notes.
Proceeds will be used to help fund the acquisition of the company by The Carlyle Group and Onex Corp. from General Motors Corp.
The prospective issuer is a Speedway, Ind., designer and manufacturer of automatic transmissions.
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