By Paul A. Harris
Portland, Ore., March 3 - Amsted Industries Inc. priced an upsized $600 million issue of eight-year senior notes (Ba3/BB/) at par to yield 5% on Monday, according to a syndicate source.
The deal was upsized from $500 million.
The yield printed on top of yield talk.
Wells Fargo Securities LLC was the left bookrunner. Morgan Stanley & Co. LLC and BofA Merrill Lynch were the joint bookrunners.
The Chicago-based company plans to use the proceeds to refinance its 8 1/8% senior notes due 2018.
Amsted Industries is a designer, manufacturer and marketer of products for the railroad, construction and building industries.
| Issuer: | Amsted Industries Inc.
|
| Amount: | $600 million, increased from $500 million
|
| Maturity: | March 15, 2022
|
| Securities: | Senior notes
|
| Left bookrunner: | Wells Fargo Securities LLC
|
| Joint bookrunners: | Morgan Stanley & Co. LLC, BofA Merrill Lynch
|
| Co-managers: | Fifth Third Securities Inc., PNC Capital Markets LLC, U.S. Bancorp Investments Inc.
|
| Coupon: | 5%
|
| Price: | Par
|
| Yield: | 5%
|
| Spread: | 271 bps
|
| First call: | March 15, 2018 at 102.5
|
| Equity clawback: | 35% at 105 until March 15, 2017
|
| Trade date: | March 3
|
| Settlement date: | March 17
|
| Ratings: | Moody's: Ba3
|
| Standard & Poor's: BB
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 5% area
|
| Marketing: | Roadshow
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
