By Paul A. Harris
St. Louis, Mo., June 10 - Intermet Corp. priced $175 million of senior notes due June 15, 2009 (B2/B+) at par to yield 9¾% on Monday, according to a syndicate source.
Deutsche Bank Securities Inc. and Banc of America Securities were joint bookrunners. Scotia Capital, Suntrust Robinson Humphries, Banc One Capital Markets and Comerica Investments were co-managers.
The Rule 144A notes are non-callable for four years.
Proceeds will be used to repay bank debt.
The issuer is a Troy, Mich.-based manufacturer of structural components for automotive industry.
Issuer: Intermet Corp.
Amount: $175 million
Maturity: June 15, 2009
Type: Senior notes
Bookrunners: Deutsche Bank Securities, Banc of America Securities
Co-managers: Scotia Capital, Suntrust Robinson Humphries, Banc One Capital Markets, Comerica
Coupon: 9¾%
Price: Par
Yield: 9¾%
Price talk: 9¾% area
Spread: 502 basis points over the 5½% Treasury due May, 2009
Call features: Callable on June 15, 2006 at 104.875, 102.438, par on June 15, 2008 and thereafter
Equity clawback: Until June 15, 2005 for 35% at 109.75
Settlement date: June 13, 2002
Ratings: Moody's: B2
| Standard & Poor's: B+
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| Rule 144A CUSIP: | 45881KAA2
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