New Issue: Dynacast prices downsized $350 million 9¼% eight-year notes at par

By Paul A. Harris

Portland, Ore., July 7 - Dynacast International LLC and Dynacast Finance Inc. priced a downsized $350 million issue of eight-year senior secured second-lien notes (B2/B/) at par to yield 9¼% on Tuesday, according to market sources.

The yield printed at the tight end of the 9¼% to 9½% price talk.

J.P. Morgan Securities LLC and Macquarie Capital were the joint bookrunners for the issue, which was downsized from $375 million.

The Charlotte, N.C.-based manufacturer of die castings plans to use the proceeds to help fund the acquisition of the company by KDI Holdings Inc.

Issuer:	Dynacast International LLC and Dynacast Finance Inc.
Amount:	$350 million, decreased from $375 million
Maturity:	July 15, 2019
Securities:	Senior secured second-lien notes
Bookrunners:	J.P. Morgan Securities LLC, Macquarie Capital
Coupon:	9¼%
Price:	Par
Yield:	9¼%
Spread:	680 bps
Call protection:	Make-whole call at Treasuries plus 50 bps until July 15, 2015, then callable at a premium
Equity clawback:	35% at 109.25 until July 15, 2014
Change-of-control put:	101%
Traded date:	July 12
Settlement date:	July 19
Ratings:	Moody's: B2
	Standard & Poor's: B
Distribution:	Rule 144A and Regulation S with registration rights
Price talk:	9¼% to 9½%
Marketing:	Roadshow

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