Amsted Industries to sell $400 million eight-year notes on Tuesday

By Paul A. Harris

Portland, Ore., May 21 – Amsted Industries Inc. plans to price a $400 million offering of eight-year senior notes (Ba3/BB) in a quick-to-market Tuesday trade following a late-morning conference call with investors, according to market sources.

Initial talk has the deal pricing with a yield in the 5¾% area, a trader said.

Wells Fargo Securities LLC is the left bookrunner. BofA Securities Inc., Citigroup Global Markets Inc., Fifth Third Securities Inc., BB&T Capital Markets, J.P. Morgan Securities LLC, PNC Capital Markets LLC, BMO Securities, HSBC Securities (USA) Inc. and U.S. Bancorp Investments Inc. are the joint bookrunners.

Credit Suisse Securities (USA) LLC, BBVA Securities Inc., CIBC World Markets, Huntington and KeyBanc Capital Markets LLC are the co-managers.

The Rule 144A and Regulation S for life notes become callable after three years at par plus 50% of the coupon.

The Chicago-based manufacturer of highly engineered industrial components plans to use the proceeds to refinance its existing senior notes due 2022 and for general corporate purposes.

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