New Issue: Thermadyne upsizes to $260 million, prices seven-year notes at par to yield 9%

By Paul A. Harris

St. Louis, Nov. 17 - Thermadyne Holdings Corp. priced an upsized $260 million issue of seven-year senior secured notes (B3/B-/) at par to yield 9% on Wednesday, according to an informed source.

The yield printed at the tight end of the 9% to 9¼% price talk.

Jefferies & Co. and RBC Capital Markets were the joint bookrunners for the issue, which was upsized from $250 million.

Proceeds will be used to partially fund the leveraged buyout of the company by Irving Place Capital.

Thermadyne is a St. Louis-based welding and cutting products manufacturer.

Issuer:	Thermadyne Holdings Corp.
Amount:	$260 million, increased from $250 million
Maturity:	Dec. 15, 2017
Securities:	Senior secured notes
Bookrunners:	Jefferies & Co., RBC Capital Markets
Coupon:	9%
Price:	Par
Yield:	9%
Call features:	Make-whole call at Treasuries plus 50 bps until Dec. 15, 2013, then callable at 106.75, 104.5, 102.25, par on and after Dec. 15, 2016
Equity clawback:	35% at 109.0 until Dec. 15, 2013 (Special call provision allows the company to redeem up to 10% of the issue annually at 103.0 during the non-call period)
Change-of-control put:	101%
Trade date:	Nov. 17
Settlement date:	Dec. 3
Ratings:	Moody's: B3
	Standard & Poor's: B-
Distribution:	Rule 144A and Regulation S with registration rights
Price talk:	9% to 9¼%
Marketing:	Roadshow

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