Altra Industrial Motion plans tap of 9% senior secured notes due 2011

By Paul A. Harris

St. Louis, Feb. 20 - Altra Holdings, Inc., the parent of Altra Industrial Motion, plans to bring to market an add-on to its 9% senior secured notes due Dec. 1, 2011 (existing ratings B3/CCC+), according to company and market sources.

The size of the offering remains to be determined.

The deal is expected to launch in late March or early April.

Jefferies & Co. will be in the lead.

The notes become callable on Dec. 1, 2008 at 104.50 and feature an equity clawback until Dec. 1, 2007 for 35% at 109.

Proceeds, along with proceeds from the recent initial public offering and a portion of the company's revolving credit facility, will be used to fund the acquisition of power transmission manufacturer TB Woods Corp.

Altra is a Quincy, Mass.-based electromechanical power transmission products company.

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