Apergy talks $300 million eight-year notes to yield in 6½% area; pricing expected Thursday

By Paul A. Harris

Portland, Ore., April 19 – Apergy Corp. talked its $300 million offering of eight-year senior notes (B1/B) to yield in the 6½% area, according to a market source.

The Rule 144A with registration rights offering is expected to price on Thursday.

J.P. Morgan Securities LLC, Deutsche Bank Securities Inc., HSBC Securities (USA) Inc., Mizuho Securities USA Inc. and Wells Fargo Securities LLC are the joint bookrunners.

The notes come with three years of call protection.

Proceeds, together with the term loan and a draw on a revolving credit facility, will be used to fund the spinoff of the Woodlands, Texas-based provider of highly engineered technologies to the oil and gas industry from Dover Corp.

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