By Paul A. Harris
St. Louis, July 24 - Sensata Technologies BV announced Thursday that it has issued €141 million of 11¼% senior subordinated notes.
Market sources said that the notes (Caa2/B-/) were priced at par.
Morgan Stanley, Goldman Sachs & Co. and Banc of America Securities LLC were joint bookrunners.
Proceeds will be used to repay the company's existing senior subordinated term loan, originally issued as bridge financing for the acquisition of Airpax Holdings, Inc. in July 2007.
On April 27, 2006, Sensata Technologies BV, a company owned by an affiliate of Bain Capital Partners, LLC, completed the acquisition of the Sensors & Controls business of Texas Instruments Inc.
Sensata designs and manufactures sensors and controls. The company has headquartered in Almelo, the Netherlands.
| Issuer: | Sensata Technologies BV
|
| Amount: | €141 million
|
| Maturity: | Jan. 15, 2014
|
| Security description: | Senior subordinated notes
|
| Bookrunners: | Morgan Stanley, Goldman Sachs & Co., Banc of America Securities LLC
|
| Coupon: | 11¼%
|
| Price: | Par
|
| Yield: | 11¼%
|
| Call: | Callable on Jan. 1, 2010 at 105.625
|
| Settlement date: | July 23
|
| Ratings: | Moody's: Caa2
|
| Standard & Poor's: B-
|
| Distribution: | Regulation S only
|
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