Indalex talks restructured $280 million second-lien notes at 11%-11¼%, abandons floaters

By Paul A. Harris

St. Louis, Jan. 26 - Indalex Aluminum Solutions talked a restructured $280 million offering of eight-year second-lien notes at 11% to 11¼% on Thursday, according to a market source.

Pricing is expected on Friday.

JP Morgan has the books for the notes, which are being marketed via Rule 144A with registration rights and via Regulation S. Harris Nesbitt, Credit Suisse, Morgan Joseph and Piper Jaffray are co-managers.

The notes come with four years of call protection.

Earlier in the week the notes were changed from the originally announced senior unsecured structure, with second-lien security being added. Subsequently a proposed tranche of second-lien floating-rate notes was abandoned.

Proceeds will be used to fund the leveraged buyout by Sun Capital Partners, Inc.

Moody's Investors Service assigns its B3 rating to the notes. Standard & Poor's rates them B-.

The prospective issuer is a Mississauga, Ont.-based aluminum extrusion company.

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