Thomas & Betts starts roadshow for $125 million split-rated 10-year notes

By Paul A. Harris

St. Louis, May 19 - Thomas & Betts Corp. began the roadshow Monday for a split-rated $125 million 10-year notes offering (Ba1/BBB-), according to a syndicate source.

The deal, which will be marketed to high yield as well as investment grade accounts, is expected to price Thursday or Friday, the source added.

Credit Suisse First Boston, Wachovia Securities, Inc. and Banc of America Securities are joint bookrunners for the registered offering.

The notes will be non-callable for five years and will contain an equity clawback for three years.

Proceeds will be used to refinance the company's 8½% senior notes due 2004.

Memphis-based Thomas & Betts manufactures electronic components.

© 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.