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Lummus talks $460 million eight-year senior notes to yield 9%-9¼%; pricing Tuesday
By Paul A. Harris
Portland, Ore., June 15 – Lummus Technology Inc. talked its $460 million offering of eight-year senior notes (Caa1/B-) to yield 9% to 9¼% on Monday, according to market sources.
Official talk comes tight to initial guidance in the mid-to-high 9% area.
The deal is set to price on Tuesday.
In addition to price talk came document changes.
The company also disclosed that it will make a $35 million draw on its revolving credit facility.
Credit Suisse Securities (USA) LLC is the left bookrunner. Macquarie Capital, RBC Capital Markets LLC, SG CIB, UBS Securities LLC and SunTrust Robinson Humphrey Inc. are the joint bookrunners.
The Rule 144A and Regulation S for life notes become callable after three years at par plus 50% of the coupon.
Proceeds, together with borrowings under the senior facilities and the equity contribution, will be used to fund the acquisition of the company by Rhone Capital and Chatterjee Group.
The issuing entities will be Illuminate Buyer, LLC and Illuminate Holdings IV, Inc.
Lummus Technology is a developer and licensor of mission essential technologies for the refining and petrochemical industries and a supplier of catalysts and proprietary equipment.
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