New Issue: TriMas prices $250 million 9¾% eight-year notes to yield 10 1/8%

By Paul A. Harris

St. Louis, Dec. 17 - TriMas Corp. priced a $250 million issue of 9¾% eight-year senior secured notes (Caa1/B-/) at 97.992 to yield 10 1/8% on Thursday, according to an informed source.

The yield printed at the tight end of the 10 1/8% to 10 3/8% yield talk. The issue price came toward the rich end of the 2 points to 3 points of discount talk.

Credit Suisse, Bank of America Merrill Lynch, J.P. Morgan Securities Inc. and Jefferies & Co. were joint bookrunners.

Proceeds will be used to fund the tender and/or redemption of TriMas' 9 7/8% senior subordinated notes.

The issuer is a Bloomfield Hills, Mich.-based manufacturer of industrial-supply products.

Issuer:	TriMas Corp.
Face amount:	$250 million
Proceeds:	$244.98 million
Maturity:	Dec. 15, 2017
Securities:	Senior secured notes
Bookrunners:	Credit Suisse, Bank of America Merrill Lynch, J.P. Morgan Securities Inc., Jefferies & Co.
Coupon:	9¾%
Price:	97.992
Yield:	10 1/8%
Spread:	690 bps
Call features:	Callable on Dec. 15, 2013 at 104.875, 102.438, par on and after Dec. 15, 2015
Trade date:	Dec. 17
Settlement date:	Dec. 29
Ratings:	Moody's: Caa1
	Standard & Poor's: B-
Distribution:	Rule 144A with registration rights
Price talk:	10 1/8% to 10 3/8% yield with about 2-3 points OID

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