By Paul A. Harris
St. Louis, Jan. 11 - Ames True Temper priced $150 million of senior floating-rate notes due Jan. 15, 2012 (B3/B) at 99.50, according to an informed source.
The seven-year notes will bear interest at three-month Libor plus 400 basis points.
Price talk was three-month Libor plus 400 to 425 basis points.
Banc of America Securities and Credit Suisse First Boston ran the books for the Rule 144A issue.
Proceeds will be used to repay the company's term loan.
Ames True Temper is a Camp Hill, Pa.-based manufacturer and marketer of non-powered lawn and garden tools and accessories.
Issuer: Ames True Temper
| Amount: | $150 million
|
| Maturity: | Jan. 15, 2012
|
| Security description: | Senior floating-rate notes
|
| Bookrunners: | Banc of America Securities, Credit Suisse First Boston
|
| Coupon: | Three-month Libor plus 400 basis points
|
| Price: | 99.50
|
| Call features: | Callable after Jan. 15, 2007 at 103, 101.5 and par on and after Jan. 15, 2009
|
| Equity clawback: | Until Jan. 15, 2009 for 35% at par plus applicable coupon
|
| Trade date: | Jan. 11
|
| Settlement date: | Jan. 14
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B
|
| Price talk: | Three-month Libor plus 400-425 basis points
|
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