Easton-Bell talks restructured $325 million seven-year notes 10%-10¼%

By Paul A. Harris

St. Louis, Nov. 19 - Easton-Bell Inc. set price talk for its restructured $325 million offering of seven-year senior secured notes (B3) at 10% to 10¼% on Thursday, according to a market source.

The notes are expected to price with 1 point to 2 points of original issue discount.

Call protection has been decreased by one year. The notes will be callable in three years at par plus ¾ of the coupon. Prior to the restructuring, the notes were non-callable for four years.

Pricing is set for Friday morning.

J.P. Morgan Securities Inc. and Wells Fargo Securities are joint bookrunners.

Proceeds will be used to repay bank debt and to redeem the company's subordinated notes.

Easton-Bell is a Van Nuys, Calif.-based designer, developer and marketer of branded athletic equipment and accessories.

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