Hamilton Sundstrand starts roadshow for $775 million eight-year notes

By Paul A. Harris

Portland, Ore., Nov. 29 - Hamilton Sundstrand Industrial began a roadshow on Thursday for its $775 million offering of eight-year senior notes (Caa1/CCC+), according to a syndicate source.

The deal, which is in the market via special purpose vehicles Silver II Borrower SCA and Silver II US Holdings, LLC, is set to price in the week ahead.

Credit Suisse Securities (USA) LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Morgan Stanley & Co. LLC, RBC Capital Markets, Goldman Sachs & Co. and UBS Investment Bank are the joint bookrunners.

The Rule 144A for life notes become callable in three years at par plus 75% of the coupon. The notes feature a 40% equity clawback for the first three years and a 101% poison put.

Proceeds will be used to fund the leveraged buyout of the company by BC Partners and the Carlyle Group.

Hamilton Sundstrand is a manufacturer of highly engineered, mission-critical pumps and compressors for the industrial, infrastructure and energy markets.

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