New Issue: Actuant upsized $125 million convertible at 2.0%, up 35%

By Ronda Fears

Nashville, Nov. 5 - Actuant Corp. sold an upsized $125 million of 20-year convertible notes at par to yield 2.0% with a 35% initial conversion premium, via sole bookrunner Wachovia Securities

The Rule 144A issue priced at the aggressive end of price talk of 2.0% to 2.5%, up 30% to 35%.

The company said proceeds would be used to repay a portion of borrowings under its senior credit facility and for other general corporate purposes, which may include possible repurchases of its 13% senior subordinated notes due 2009, working capital and possible acquisitions.

Milwaukee-based Actuant is a global manufacturer and marketer of a broad range of industrial products and systems in two business segments - tools and supplies, and engineered solutions.

Terms of the deal are:

Issuer:	Actuant Corp.
Issue:	Convertible subordinated notes
Lead manager:	Wachovia Securities
Co-manager:	Goldman Sachs & Co.
Amount:	$125 million, upsized from $100 million
Greenshoe:	$25 million, unchanged
Maturity:	Nov. 15, 2023
Coupon:	2.0%
Price:	Par
Yield:	2.0%
Conversion premium:	35%
Conversion price:	$39.91
Conversion ratio:	25.0546
Contingent conversion:	120%
Call:	Non-callable for 7 years
Put:	In years 7, 10 and 15
Price talk:	2.0-2.5%, 30-35%
Pricing date:	Nov. 4, after the close
Settlement date:	Nov. 10
Distribution:	Rule 144A

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