Ausdrill talks $300 million seven-year notes with 7% area yield; pricing set for Friday

By Paul A. Harris and Aleesia Forni

Columbus, Ohio, Nov. 2 - Ausdrill Finance Pty Ltd. plans to sell a $300 million issue of seven-year senior notes (Ba3/BB) on Friday with yield talked in the 7% area, a market source said.

Books closed at 11 a.m. ET.

Morgan Stanley & Co. is the left bookrunner, and Deutsche Bank Securities Inc. and Standard Chartered Bank are the joint bookrunners.

The Rule 144A and Regulation S for life notes come with three years of call protection.

The Kewdale, Western Australia-based mineral exploration company plans to use the proceeds to repay the term loan portion of its credit facility, with any remaining proceeds to be used for general corporate purposes, including a temporary pay down of its revolver.

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