Associated Asphalt talks $175 million five-year notes to yield 8½%-8¾%

By Paul A. Harris

Portland, Ore., Feb. 26 - Associated Asphalt Partners LLC talked its $175 million offering of five-year senior secured notes (Caa1/B) to yield 8½% to 8¾%, an informed source said on Tuesday.

Books close at noon ET on Wednesday, and the deal is set to price thereafter.

Goldman Sachs & Co., KeyBanc Capital Markets and SunTrust Robinson Humphrey Inc. are the joint bookrunners.

Nomura and Fifth Third Securities are the co-managers.

The Rule 144A for life notes come with two years of call protection.

The Roanoke, Va.-based liquid asphalt supplier plans to use the proceeds to repay bank debt.

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