IUSA $175 million eight-year notes price talk 11½%-11¾%, to price Monday

By Paul A. Harris

St. Louis, Jan. 23 - Price talk of 11½% to 11¾% emerged Friday on Industrias Unidas SA's (IUSA) proposed $175 million of eight-year senior unsecured notes (Caa1/B+), a market source said.

The deal is expected to price on Monday.

Deutsche Bank Securities is the bookrunner on the Rule 144A/Regulation S offering, which will have registration rights. Merrill Lynch & Co. and Fleet Securities are co-managers.

The notes will come with four years of call protection.

The El Salvador-based manufacturer of building and electrical products plans to use proceeds to repay debt.

On Thursday Prospect News reported that a market observer had heard price guidance of 11% to 11¼%. However, the source who reported the 11½% to 11¾% official price talk Friday specified that talk on the deal had not widened.

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