New Issue: Aquilex prices $225 million 11 1/8% seven-year notes to yield 12%

By Paul A. Harris

St. Louis, Dec. 16 - Aquilex Holdings LLC and Aquilex Finance Corp. priced a $225 million issue of 11 1/8% seven-year senior notes (B3/B/) at 95.948 to yield 12% on Wednesday, according to an informed source.

The yield printed at the tight end of the 12% to 12¼% price talk.

Credit Suisse Securities, Morgan Stanley & Co. and RBC Capital Markets Corp. were joint bookrunners.

Proceeds will be used to refinance debt.

The issuer is an Atlanta-based chemical company.

Issuer:	Aquilex Holdings LLC/Aquilex Finance Corp.
Face amount:	$225 million
Proceeds:	$215,883,000
Maturity:	Dec. 15, 2016
Securities:	Senior notes
Bookrunners:	Credit Suisse, Morgan Stanley & Co., RBC Capital Markets Corp.
Coupon:	11 1/8%
Price:	95.948
Yield:	12%
Spread:	894 bps
Call features:	Callable on Dec. 15, 2013 at 105.563, 102.781, par on and after Dec. 15, 2015
Trade date:	Dec. 16
Settlement date:	Dec. 23
Ratings:	Moody's: B3
	Standard & Poor's: B
Distribution:	Rule 144A/Regulation S
Price talk:	12% to 12¼%

© 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.