Harsco talks its $500 million eight-year notes at 5 7/8% area yield; pricing Wednesday

By Abigail W. Adams

Portland, Me., June 12 – Harsco Corp. set price talk on its $500 million offering of eight-year senior notes (Ba2/BB-) to yield in the 5 7/8% area, according to a market source.

Books close at 2:30 p.m. ET on Wednesday with pricing expected shortly thereafter.

Goldman Sachs & Co. LLC is the left bookrunner for the Rule 144A and Regulation S for life offering.

Citigroup Global Markets Inc., BofA Securities Inc., BMO Securities, HSBC Securities (USA) Inc., RBC Capital Markets LLC, U.S. Bancorp Investments Inc. and KeyBanc Capital Markets LLC are the joint bookrunners.

Fifth Third Bank, PNC Capital Markets LLC and ING Financial Markets LLC are the senior co-managers. Huntington Investment Co. and Santander Investment Securities Inc. are the co-managers.

The notes become callable after three years at par plus 50% of the coupon.

Proceeds, along with a draw on its revolving credit facility, will be used to fund the acquisition of Clean Earth Inc. from Compass Group Diversified Holdings LLC.

Harsco is a Camp Hill, Pa.-based provider of diversified industrial services focused on the steel, aluminum, energy and railway sectors.

Clean Earth is a Hatboro, Pa.-based specialty waste processing company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.