International Wire talks $140 million five-year notes to yield 10% area with 1-2 points OID

By Paul A. Harris

St. Louis, April 19 - International Wire Group, Inc. talked its $140 million offering of five-year senior secured notes (B3/B) with a yield in the 10% area and with an original issue discount of 1 to 2 points, an informed source told Prospect News on Monday.

Books close 11 a.m. ET on Tuesday, and the deal is set to price thereafter.

Wells Fargo Securities has the books for the offering, which is being marketed in the Rule 144A for life and Regulation S formats.

The notes come with 2.5 years of call protection.

Proceeds will be used to redeem the company's existing 2011 notes and to pay a distribution to shareholders and option holders.

The prospective issuer is a Kendallville, Ind.-based manufacturer and marketer of wire products.

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