Dresser-Rand talks $375 million 10-year notes with 6½% area yield

By Paul A. Harris

Portland, Ore., March 9 - Dresser Rand Group Inc. talked its $375 million offering of 10-year senior subordinated notes (B1) with a yield in the 6½% area on Wednesday, according to an informed source.

The order books close at 10:30 a.m. ET on Thursday.

UBS Investment Bank is the left lead bookrunner for the Rule 144A and Regulation S offering. Goldman Sachs & Co. is the joint bookrunner.

The notes come with five years of call protection.

Proceeds, together with cash on hand, will be used to fund the tender offer for the company's 2014 notes and to redeem the notes that are not purchased in the tender.

Dresser-Rand is a Houston-based supplier of high-speed rotating equipment and services.

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