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Imco Recycling $200 million seven-year notes talked at 10½% area, pricing Wednesday
By Paul A. Harris
St. Louis, Sept. 30 - Price talk of a yield in the 10½% area emerged Wednesday on Imco Recycling Inc.'s upcoming sale of $200 million seven-year senior notes (B3/B-), according to market sources.
The deal is expected to price on Wednesday, the sources added.
JP Morgan is bookrunner on the Rule 144A offering. Citigroup and PNC are co-managers.
The notes will be non-callable for four years.
The Irving, Tex.-based recycler of aluminum and zinc will use proceeds to repay debt.
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