Altra Industrial talks $400 million eight-year notes in 6¼% area; pricing Wednesday

By Paul A. Harris

Portland, Ore., Sept. 25 – Altra Industrial Motion Corp. talked its $400 million offering of eight-year senior notes (B2/B+) to yield in the 6¼% area, according to a syndicate source.

Official talk comes inside of initial price talk in the high 6% area to 7%.

Books close at 4 p.m. ET on Tuesday, and the Rule 144A and Regulation S deal is set to price on Wednesday.

Goldman Sachs & Co. LLC is the left bookrunner. UBS Investment Bank and Citigroup Global Markets Inc. are the joint bookrunners.

Wells Fargo Securities LLC, HSBC Securities, BMO Securities, Citizens Bank, RBC Capital Markets LLC and TD Securities are the co-managers.

The notes come with five years of call protection.

The issuing entity will be Stevens Holding Co., Inc. The notes are to be guaranteed by Altra Industrial Motion.

The Braintree, Mass.-based designer, producer and marketer of electromechanical power transmission and motion-control products plans to use the proceeds to fund a cash dividend to Fortive.

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