Artesyn starts roadshow for $250 million seven-year secured notes

By Paul A. Harris

Portland, Ore., Sept. 23 - Artesyn Technologies, Inc. began a roadshow on Monday for a $250 million offering of seven-year senior secured notes (/expected B/), according to an informed source.

The roadshow is set to wrap up on Thursday.

BofA Merrill Lynch and Goldman Sachs & Co. are the joint bookrunners.

The Rule 144A for life notes become callable in three years at par plus 75% 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 notes also feature a three-year 40% equity clawback.

Proceeds, along with cash equity from Platinum Equity, will be used to fund the acquisition of the majority of the capital stock of Artesyn from Emerson Electric Co.

The issuing entity will be Artesyn Escrow, Inc., which will be merged with and into Boca Raton, Fla.-based Artesyn Technologies, a provider of application-specific power conversion products and manufacturer of microprocessor-based boards and systems.

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