Auto Auctions talks restructured $150 million eight-year notes at 10½%-10¾%

By Paul A. Harris

St. Louis, March 23 - Iaai Finance Corp. (Insurance Auto Auctions Inc.) issued price talk of 10½% to 10¾% on its restructured $150 million offering of eight-year senior notes (Caa1/CCC+), which are non-callable for four years, according to a market source.

The company had originally been in the market with seven-year non-call-three senior subordinated notes.

Pricing is expected on Thursday.

Deutsche Bank Securities and Bear Stearns & Co. are joint bookrunners for the Rule 144A offering.

Proceeds will be used to fund the acquisition by Kelso & Co.

Insurance Auto Auctions is a Westchester, Ill., provider of automotive total loss and specialty salvage services.

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