New Issue: AGY prices $175 million eight-year notes at par to yield 11%

By Paul A. Harris

St. Louis, Oct. 20 - AGY Holding Corp. priced a $175 million issue of eight-year senior second-lien notes (B2/B-) at par to yield 11% on Friday, according to an informed source.

The yield came 62.5 basis points beyond the wide end of the 10¼% area price talk.

UBS Investment Bank ran the books for the issue, which was priced via Rule 144A with registration rights.

Proceeds will be used to repay bank debt.

The company is an Aiken, S.C., glass fiber manufacturer.

Issuer:	AGY Holding Corp.
Amount:	$175 million
Maturity:	Nov. 15, 2014
Security description:	Senior second-lien notes
Bookrunner:	UBS Investment Bank
Coupon:	11%
Price:	Par
Yield:	11%
Spread:	623 bps
Call features:	Callable on and after Nov. 15, 2010 at 105.50, 102.75, par on and after Nov. 15, 2012
Equity clawback:	Until Nov. 15, 2009 for 35% at 111.00
Trade date:	Oct. 20
Settlement date:	Oct. 25
Ratings:	Moody's: B2
	Standard & Poor's: B-
Distribution:	Rule 144A with registration rights
Price talk:	10¼% area

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