Dresser-Rand $420 million 10-year notes price talk 7½%-7¾%

By Paul A. Harris

St. Louis, Oct. 13 - Price talk on Dresser-Rand Co.'s $420 million offering of 10-year senior subordinated notes (B3/B-) is 7½% to 7¾%, according to a syndicate source.

Pricing is expected late Thursday or early Friday.

Morgan Stanley, Citigroup and UBS Investment Bank are the bookrunners for the Rule 144A offering.

The notes are non-callable for five years.

Proceeds will be used to help fund First Reserve Corp.'s acquisition of Dresser-Rand from Ingersoll-Rand Co. Ltd. for about $1.2 billion in cash.

The Olean, N.Y.-based company is a supplier of infrastructure equipment to the energy industry.

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