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AM General talks $600 million eight-year secured notes in 9½% area; pricing Monday
Paul A. Harris
Portland, Ore., Sept. 18 – AM General talked its $600 million offering of eight-year senior secured notes (B2/B+) to yield in the 9½% area, according to a market source.
Official talk comes tight to initial guidance in the high 9% area to 10%.
The Rule 144A for life deal, backing the buyout of the company, is expected to price on Monday.
Deutsche Bank Securities Inc. is the left lead bookrunner. UBS Securities LLC, BNP Paribas Securities Corp. and Nomura Securities International Inc. are the joint bookrunners.
The notes become callable after three years at par plus 50% of the coupon. A special call provision allows the issuer to redeem 10% of the notes annually at 103 during the non-call period.
The issuing entity is PM General Purchaser LLC.
Proceeds will be used to support the acquisition of the South Bend, Ind.-based heavy vehicle and contract automotive manufacturer by affiliates of KPS Capital Partners.
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