By Paul A. Harris
St. Louis, Jan. 29 - Thermadyne Holdings Corp. priced an upsized $175 million offering of 10-year senior subordinated notes (Caa1/B-) Thursday at par to yield 9¼%, a market source said.
The issue, which matures Feb. 1, 2014, was increased from a planned $165 million.
Price talk was in the area of 9%.
Credit Suisse First Boston ran the books on the Rule 144A issue. Lehman Brothers was co-manager.
Proceeds, together with an approximately $20 million new term loan, will be used to repay the company's senior term loan facility.
St. Louis-based Thermadyne manufactures cutting and welding products and accessories.
| Issuer: | Thermadyne Holdings Corp.
|
| Amount: | $175 million (increased from $165 million)
|
| Maturity: | Feb. 1, 2014
|
| Security description: | Senior subordinated notes
|
| Bookrunner: | Credit Suisse First Boston
|
| Co-manager: | Lehman Brothers
|
| Coupon: | 9¼%
|
| Price: | Par
|
| Yield: | 9¼%
|
| Spread: | 503 basis points
|
| Call features: | Callable after Feb. 1, 2009 at 104.625, 103.083, 101.542, par on Feb. 1, 2012 and thereafter
|
| Equity clawback: | Until Feb. 1, 2007 at 109.25 for up to 35%
|
| Pricing date: | Jan. 29
|
| Settlement date: | Feb. 5
|
| Ratings: | Moody's: Caa1
|
| Standard & Poor's: B-
|
| Price talk: | 9% area
|
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