By Paul A. Harris
St. Louis, Nov. 16 - AmeriCast Technologies, Inc. priced an upsized $105 million issue of eight-year senior notes (B3/B-) at par to yield 11% on Thursday, according to an informed source.
Pricing came on top of the price talk.
Jefferies & Co. was the bookrunner for the notes, which were priced via Rule 144A and Regulation S. CIBC World Markets was the co-manager.
Proceeds, together with an indirect equity contribution through the company's parent by affiliates of Castle Harlan Partners IV, LP, members of management and Bradken Operations Pty. Ltd., will be used to fund the purchase of all common stock, to repay existing debt and for general corporate purposes.
The issue was upsized from $100 million.
AmeriCast Technologies is an Atchison, Kan.-based designer and manufacturer of large, highly engineered steel and iron castings. The company supplies industry segments including mining and heavy construction, locomotive rail, transit rail, energy and military.
| Issuer: | AmeriCast Technologies, Inc.
|
| Amount: | $105 million (increased from $100 million)
|
| Maturity: | Dec. 1, 2014
|
| Security description: | Senior notes
|
| Bookrunner: | Jefferies & Co.
|
| Co-manager: | CIBC World Markets
|
| Coupon: | 11%
|
| Price: | Par
|
| Yield: | 11%
|
| Spread: | 636 bps
|
| Call features: | Callable on Dec. 1, 2010 at 105.50, 103.667, 101.833, par on and after Dec. 1, 2013
|
| Equity clawback: | Until Dec. 1, 2009 for 35% at 111.00
|
| Trade date: | Nov. 16
|
| Settlement date: | Nov. 21
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B-
|
| Distribution: | Rule 144A/Regulation S
|
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