ITT Holdings talks $1.22 billion eight-year notes to yield 6¼%-6½%; pricing Wednesday

By Paul A. Harris

Portland, Ore., June 23 – ITT Holdings LLC talked $1.22 billion of eight-year senior notes (B1/B) to yield 6¼% to 6½%, according to market sources.

Official talk comes wide to initial guidance in the low 6% area.

Books close at 1 p.m. ET on Wednesday, and the Rule 144A and Regulation S deal is set to price thereafter.

Jefferies LLC, Wells Fargo Securities LLC, CIBC World Markets Corp., First Horizon Bank, MUFG and Regions Securities LLC are joint bookrunners for the Rule 144A and Regulation S offering. Riverstone Capital Services is the co-manager.

The notes come with three years of call protection.

The White Plains, N.Y.-based manufacturer of component parts for the aerospace, transportation, energy and industrial markets plans to use the proceeds to refinance debt and fund a distribution.

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