Dresser-Rand to redeem some 7 3/8% notes with part of IPO proceeds

New York, May 16 - Dresser-Rand Group Inc. said it intends to redeem some of its $420 million principal amount of 7 3/8% senior subordinated notes due 2014 with part of the proceeds of a planned initial public offering of common stock.

The Olean, N.Y., supplier of turbines and compressors to the oil, gas and petrochemical industries did not say how much of the proceeds it will use to repurchase the notes.

Up to $400 million of stock can be sold in the IPO, according to an S-1 registration statement with the Securities and Exchange Commission.

Other proceeds will be used to pay a dividend to stockholders.

Morgan Stanley is bookrunner for the IPO.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.