New Issue: Actuant sells upsized $300 million 5 5/8% 10-year notes at par

By Paul A. Harris

Portland, Ore., April 2 - Actuant Corp. priced an upsized $300 million issue of senior notes due June 15, 2022 (Ba2/BB/) at par to yield 5 5/8% on Monday, according to a syndicate source.

The yield printed at the tight end of the 5 5/8% to 5¾% yield talk.

Wells Fargo Securities, LLC, Bank of America Merrill Lynch and J.P. Morgan Securities LLC were the joint bookrunners for the quick-to-market deal, which was upsized from $250 million.

The Menomonee Falls, Wis.-based industrial products and systems company plans to use the proceeds to fund a tender offer and consent solicitation for its 6 7/8% senior notes due 2017.

Issuer:	Actuant Corp.
Amount:	$300 million, increased from $250 million
Maturity:	June 15, 2022
Securities:	Senior notes
Bookrunners:	Wells Fargo Securities, LLC, Bank of America Merrill Lynch, J.P. Morgan Securities LLC
Senior co-managers:	Citigroup Global Markets Inc., RBC Capital Markets LLC
Co-managers:	BMO Capital Markets Corp., SunTrust Robinson Humphrey, Inc.
Coupon:	5 5/8%
Price:	Par
Yield:	5 5/8%
Spread:	343 bps
Call protection:	Five years
Trade date:	April 2
Settlement date:	April 16
Ratings:	Moody's: Ba2
	Standard & Poor's: BB
Distribution:	Rule 144A with registration rights
Price talk:	5 5/8% to 5¾%
Marketing:	Quick to market

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