New Issue: Autocam sells $140 million 10-year notes to yield 11¼%

By Paul A. Harris

St. Louis, May 26 - Autocam Corp. sold $140 million of 10-year senior subordinated notes (B3/B-) Wednesday at 99.777 with a coupon of 10 7/8% to yield 11¼%, according to a market source.

Price talk was 10 7/8% to 11 1/8%.

Goldman Sachs & Co. and Citigroup ran the books on the Rule 144A issue.

Proceeds will be used to fund the acquisition of the company by GS Capital Partners 2000, Transportation Resource Partners, formerly Penske Capital Partners, and chief executive officer John Kennedy from Aurora Capital Group.

The issuer is a Kentwood, Mich., manufacturer of metal components and assemblies for performance and safety critical automotive applications.

Issuer:	Autocam Corp.
Amount:	$140 million
Maturity:	June 15, 2014
Security description:	Senior subordinated notes
Bookrunners:	Goldman Sachs & Co., Citigroup
Coupon:	10 7/8%
Price:	97.777
Yield:	11¼%
Spread:	656 basis points
Call features:	Callable after June 15, 2009 at 105.438, 103.625, and 101.813, par on or after June 1, 2012
Equity clawback:	Until June 15, 2007 for 35% at 110.875
Pricing date:	May 26
Settlement date:	June 10
Ratings:	Moody's: B3
	Standard & Poor's: B-
Price talk:	10 7/8%-11 1/8%

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