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Iracore talks upsized $125 million five-year notes to yield 9½%-9¾%; books close Wednesday
By Paul A. Harris and Aleesia Forni
Virginia Beach, Va., May 8 - Iracore International Holdings Inc. has set price talk for its planned upsized offering of $125 million of five-year senior notes (B3/B/) to yield 9½% to 9¾%, according to a market source.
The deal was upsized from $110 million.
Books close at noon ET on Wednesday, and pricing is expected shortly thereafter.
Jefferies & Co. is the bookrunner for the Rule 144A and Regulation S for life deal.
The notes will be callable in two years at par plus 75% of the coupon.
Call protection was decreased from 2.5 years.
Proceeds, together with $125 million in new equity, will be used to fund the acquisition of the company.
Iracore is a Hibbing, Minn.-based developer and manufacturer of elastomeric coating and buffering solutions primarily used in the Canadian oil sands mining sector and other industrial settings.
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