Tennant talks $300 million eight-year notes at 5¾% area yield; pricing Wednesday

By Paul A. Harris

Portland, Ore., April 12 – Tennant Co. talked its $300 million offering of eight-year senior notes (B2/BB) to yield in the 5¾% area, according to a syndicate source.

Books close at 2:30 p.m. ET on Wednesday, and the Rule 144A with registration rights and Regulation S deal is set to price thereafter.

Goldman Sachs & Co. is the left bookrunner. J.P. Morgan Securities LLC is the joint bookrunner. HSBC Securities, U.S. Bancorp Investments Inc., BMO Securities and SunTrust Robinson Humphrey Inc. are the co-managers.

The notes become callable after three years at par plus 75% of the coupon.

The Minneapolis-based company plans to use the proceeds to refinance a term loan used in financing its acquisition of IP Cleaning SpA.

Tennant designs, manufactures and markets cleaning and resurfacing products and technologies.

© 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.