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ESAB talks $600 million five-year notes at 6¼%-6½%; pricing Monday
By Abigail W. Adams
Portland, Me., March 25 – ESAB Corp. plans to price $600 million of five-year senior notes (Ba1/BB+) in a Monday drive-by with price talk for a yield of 6¼% to 6½%, according to a market source.
Early guidance was for a yield in the 6½% to 6¾% area.
The notes are non-callable for two years.
Goldman Sachs & Co. LLC is lead left bookrunner for the Rule 144A and Regulation S offering.
BofA Securities Inc., J.P. Morgan Securities LLC, BMO Capital Markets Corp., BNP Paribas Securities Corp., Citizens JMP Securities LLC and Wells Fargo Securities LLC are also bookrunners.
Proceeds, together with cash on hand, will be used to repay outstanding borrowings under the company’s term loan A-3 facility.
ESAB is a North Bethesda, Md.-based industrial company.
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