Xerium Technologies starts roadshow for $240 million seven-year notes

By Paul A. Harris

Portland, Ore., May 16 - Xerium Technologies, Inc. started a roadshow on Monday for a $240 million offering of seven-year senior notes (B3/B-), according to an informed source.

The roadshow wraps up on Thursday.

Citigroup Global Markets Inc. is the left lead bookrunner for the Rule 144A and Regulation S with registration rights offering. Jefferies & Co. is the joint bookrunner.

The notes come with three years of call protection. They feature standard incurrence-based high-yield covenants, as well as a three-year 35% equity clawback and a 101% poison put.

Proceeds will be used to repay debt.

Xerium is a Raleigh, N.C.-based manufacturer of industrial textiles and rolls used primarily in the paper production process.

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