By Paul A. Harris
St. Louis, June 29 - Commercial Vehicle Group, Inc. priced a $150 million issue of eight-year senior notes (Ba3/B+) at par to yield 8%, according to a syndicate source.
The yield came inside of the 8¼% area price talk.
Credit Suisse First Boston ran the books for the Rule 144A/Regulation S with registration rights issue. The co-managers were Robert W. Baird & Co., ABN Amro, Comerica Securities, NatCity Investments, Piper Jaffray and Greenwich Capital Markets.
Proceeds will be used to repay bank debt and for general corporate purposes.
The issuer is a New Albany, Ohio-based truck parts manufacturer.
| Issuer: | Commercial Vehicle Group, Inc.
|
| Amount: | $150 million
|
| Maturity: | July 1, 2013
|
| Security description: | Senior notes
|
| Bookrunner: | Credit Suisse First Boston
|
| Coupon: | 8%
|
| Price: | Par
|
| Yield: | 8%
|
| Spread: | 409 basis points
|
| Call features: | Callable after July 1, 2009 at 104.0, 102.0, par on and after July 1, 2011
|
| Equity clawback: | Until July 1, 2008 for up to 35% at 108.0
|
| Trade date: | June 29
|
| Settlement date: | July 6
|
| Ratings: | Moody's: Ba3
|
| Standard & Poor's: B+
|
| Price talk: | 8¼% area
|
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