By Paul A. Harris
St. Louis, Dec. 15 - Atkore International, Inc. priced a $410 million issue of seven-year senior secured notes (B3/B+/) at par to yield 9 7/8% on Wednesday, according to an informed source.
The yield printed in the middle of the 9¾% to 10% price talk.
Deutsche Bank Securities Inc., UBS Securities and Credit Suisse Securities were the joint bookrunners.
Proceeds will be used to fund the acquisition of a 51% stake in Atkore, Tyco International's electrical and metals products unit, by Clayton, Dubilier & Rice, LLC.
The issuer is a Princeton, N.J.-based industrial company.
| Issuer: | Atkore International, Inc.
|
| Amount: | $410 million
|
| Maturity: | Jan. 15, 2018
|
| Securities: | Senior secured notes
|
| Bookrunners: | Deutsche Bank Securities Inc., UBS Securities, Credit Suisse Securities
|
| Coupon: | 9 7/8%
|
| Price: | Par
|
| Yield: | 9 7/8%
|
| Spread: | 711 bps
|
| Call protection: | Callable on Jan. 15, 2014 at 107.406 (Special call provision allows issuer to call 10% of the notes annually at 103)
|
| Trade date: | Dec. 15
|
| Settlement date: | Dec. 22
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B+
|
| Distribution: | Rule 144A with registration rights
|
| Price talk: | 9¾% to 10%
|
| Marketing: | Roadshow
|
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