Harsco starts roadshow for $250 million five-year notes offering

By Paul A. Harris

Portland, Ore., June 1 – Harsco Corp. started a roadshow on Monday in New York City for a $250 million offering of five-year senior notes (existing ratings Ba1/BB), according to a syndicate source.

The roadshow moves to Boston on Tuesday.

Accounts on the West Coast of the United States, as well as other accounts, will be invited to take part in one-on-one investor conference calls on Wednesday.

The public offering is also expected to price on Wednesday.

Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, HSBC Bank, J.P. Morgan Securities LLC, MUFG, RBC Capital Markets and U.S. Bancorp Investments Inc. are the joint bookrunners.

ING is the senior co-manager. Fifth Third Bank and PNC Capital Markets are the co-managers.

The notes become callable after two years at par plus 50% of the coupon and feature a 101% poison put.

The securities feature an investment-grade covenant package that is substantially similar to the company’s existing notes.

The Camp Hill, Pa.-based industrial services and engineered products company plans to use the proceeds to fund the concurrent tender for its senior notes due 2015, with any remaining proceeds to be used to repay revolver debt and for general corporate purposes.

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