By Paul A. Harris
Portland, Ore., June 23 – ITT Holdings LLC priced $1.22 billion of eight-year senior notes (B1/B) at par to yield 6½% on Wednesday, according to market sources.
The yield printed at the wide of the 6¼% to 6½% yield talk and wider than initial guidance in the low 6% area.
Jefferies LLC was at the left of a syndicate of bookrunners that also included Wells Fargo Securities LLC, CIBC World Markets Corp., First Horizon Bank, MUFG and Regions Securities LLC.
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.
| Issuer: | ITT Holdings LLC
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| Amount: | $1.22 billion
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| Maturity: | Aug. 1, 2029
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| Securities: | Senior notes
|
| Bookrunners: | Jefferies LLC, Wells Fargo Securities LLC, CIBC World Markets Corp., First Horizon Bank, MUFG and Regions Securities LLC
|
| Co-manager: | Riverstone Capital Services
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| Coupon: | 6½%
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| Price: | Par
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| Yield: | 6½%
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| Call protection: | Three years
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| Trade date: | June 23
|
| Rating: | Moody's: B1
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| S&P: B
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 6¼% to 6½%
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