Hydrochem $150 million eight-year notes talked 9¼% to 9½%

By Paul A. Harris

St. Louis, Feb. 8 - Hydrochem Industrial Services Inc.'s $150 million offering of eight-year senior subordinated notes (Caa1/B-) received price talk of 9¼% to 9½%, according to an informed source.

Pricing is expected to take place Wednesday.

Morgan Stanley and Credit Suisse First Boston are the joint bookrunners for the Rule 144A offering.

The notes will come with four years of call protection and will contain a three-year equity clawback.

Proceeds will be used to refinance existing debt and to help fund Oak Tree Capital Management's acquisition of Hydrochem.

Hydrochem is a Deer Park, Texas-based industrial cleaning services provider.

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