Amsted Industries to price $400 million 10.5-year notes on Monday; initial talk high 4% area

By Abigail W. Adams

Portland Me., Dec. 9 – Amsted Industries Inc. plans to price $400 million of 10.5-year senior notes (Ba3/BB expected) in a Monday drive-by, according to a market source.

Early whispers have the deal coming in the high 4% area, a source said.

Wells Fargo Securities LLC is lead left bookrunner for the Rule 144A and Regulation S offering. BofA Securities Inc., Citigroup Global Markets Inc., BB&T Capital Markets, Fifth Third Securities Inc., J.P. Morgan Securities LLC, PNC Capital Markets LLC, BMO Capital Markets Corp., HSBC Securities (USA) Inc. and U.S. Bancorp Investments Inc. are also bookrunners.

The notes are non-callable for 5.5 years with the first call at par plus 50% of the coupon.

Proceeds will be used to refinance Amsted Industries’ 5 3/8% senior notes due 2024.

Amsted Industries is a Chicago-based diversified manufacturer of industrial components.

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