By Paul A. Harris
St. Louis, June 2 - Sequa Corp. priced a $100 million add-on to its 8 7/8% senior notes due April 1, 2008 (B1/BB-) at 102.5 on Monday to yield 8.23%, according to market sources.
Proceeds from the Rule 144A deal will be used for general corporate purposes.
The original $200 million priced in late March 2001 with Bear Stearns & Co. running the books.
The company declined to identify the bookrunner for the add-on transaction and market sources did not know the firm responsible.
Sequa is a New York, N.Y.-based manufacturer of aerospace, propulsion, metal coating, specialty chemicals and other products.
| Issuer: | Sequa Corp.
|
| Amount: | $100 million
|
| Security description: | Add-on to 8 7/8% senior notes due 2008
|
| Maturity: | April 1, 2008
|
| Coupon: | 8 7/8%
|
| Price: | 102.5
|
| Yield: | 8.23%
|
| Spread: | 590 basis points
|
| Call: | Make-whole call at T+50 basis points
|
| Settlement date: | June 5, 2003
|
| Ratings: | Moody's: B1
|
| Standard & Poor's: BB-
|
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