By Paul A. Harris
St. Louis, Nov. 22 - Altra Industrial Motion Inc. priced a restructured $165 million issue of seven-year senior secured fixed-rate notes (B3/CCC+) at par to yield 9% on Monday, according to an informed source.
Price talk was 9% to 9¼%.
The company withdrew a planned floating-rate tranche, but the size of the issue remained unchanged.
Jefferies & Co. ran the books for the Rule 144A/Regulation S issue.
Proceeds will be used to fund the acquisition of Colfax & Kilian.
Altra Industrial is a Quincy, Mass.-based maker of industrial power products.
Issuer: Altra Industrial Motion Inc.
Amount: | $165 million
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Maturity: | Dec. 1, 2011
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Security description: | Senior secured fixed-rate notes (senior secured floating-rate tranche withdrawn)
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Bookrunner: | Jefferies & Co.
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Coupon: | 9%
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Price: | Par
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Yield: | 9%
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Spread: | 513 basis points
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Call features: | Callable after Dec. 1, 2008 at 104.50, 102.25, par on or after Dec. 1, 2010
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Equity clawback: | 35% at 109.0 before Dec. 1, 2007
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Pricing date: | Nov. 22
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Settlement date: | Nov. 30
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Ratings: | Moody's: B3
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| Standard & Poor's: CCC+
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Price talk: | 9%-9¼%
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