By Paul A. Harris
St. Louis, Nov. 17 - Accellent Inc. priced a downsized $305 million offering of 10½% eight-year senior subordinated notes (Caa1/B-) at 98.672 to yield 10¾% on Thursday, according to market sources.
The yield came at the wide end of the 10½% to 10¾% price talk.
Credit Suisse First Boston and JP Morgan ran the books for the Rule 144A with registration rights issue. Bear Stearns & Co. was the co-manager.
The issue was downsized from $325 million.
Proceeds will be used to help fund the acquisition of the company by Kohlberg Kravis Roberts & Co. and to refinance existing debt.
Accellent is a Wilmington, Mass.-based medical device manufacturer.
| Issuer: | Accellent Inc.
|
| Amount: | $305 million (decreased from $325 million)
|
| Maturity: | Dec. 1, 2013
|
| Security description: | Senior subordinated notes
|
| Bookrunners: | Credit Suisse First Boston, JP Morgan
|
| Co-manager: | Bear Stearns & Co.
|
| Coupon: | 10½%
|
| Price: | 98.672
|
| Yield: | 10¾%
|
| Spread: | 628 basis points
|
| Call protection: | Four years
|
| Trade date: | Nov. 17
|
| Settlement date: | Nov. 22
|
| Ratings: | Moody's: Caa1
|
| Standard & Poor's: B-
|
| Price talk: | 10½% to 10¾%
|
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