Capital Services talks $515 million secured notes at 7¾% area yield

By Paul A. Harris

Portland, Ore., June 26 – Capital Services talked a $515 million offering of eight-year senior secured notes (B3/B) to yield in the 7¾% area, according to a syndicate source.

Books close at 3 p.m. ET on Tuesday.

UBS Investment Bank is the lead left bookrunner for the Rule 144A and Regulation S for life offer. Barclays and Goldman Sachs & Co. are the joint bookrunners.

The notes come with three years of call protection.

Proceeds, along with an asset-based credit facility and equity contributions, will be used to fund the acquisition of the capital services division of Chicago Bridge & Iron Corp. (CSVC) by Veritas Capital.

The issuing entity will be CSVC Acquisition Corp.

The company is a Woodlands, Texas-based maintenance and modification contractor for the nuclear power industry, industrial maintenance industry and federal, state and local governments.

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