By Paul A. Harris
St. Louis, Aug. 4 - Aeroflex Inc. priced a $225 million tranche of 11¾% senior notes due Feb. 15, 2015 at par on Monday, according to an informed source.
Goldman Sachs & Co. was the bookrunner.
Proceeds will be used to refinance a bridge facility incurred in the leveraged buyout of the company by Veritas Capital.
The company pulled a $370 million offering of 10-year senior unsecured notes in mid-August 2007 due to market conditions.
Apart from the $225 million senior unsecured tranche, which priced Monday, there is a senior subordinated tranche, which remains in loan form, according to the source.
Aeroflex is a Plainview, N.Y., provider of technology services to the aerospace, defense, cellular and broadband communications markets.
| Issuer: | Aeroflex Inc.
|
| Amount: | $225 million (original offer was $370 million; senior subordinated tranche remains in loan form)
|
| Maturity: | Feb. 15, 2015
|
| Security description: | Senior notes
|
| Bookrunner: | Goldman Sachs & Co.
|
| Coupon: | 11¾%
|
| Price: | Par
|
| Yield: | 11¾%
|
| Spread: | 836 bps
|
| Call protection: | Feb. 15, 2011
|
| Trade date: | Aug. 4
|
| Settlement date: | Aug. 7
|
| Distribution: | Rule 144A/Regulation S
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
