New Issue: Edgen Corp. prices $105 million six-year notes at par to yield 9 7/8%

By Paul A. Harris

St. Louis, Jan. 25 - Edgen Acquisition Corp. priced $105 million of six-year senior secured notes (B3/B-) at par to yield 9 7/8%, according to an informed source.

Price talk was the 9¾% area.

Jefferies & Co. ran the books for the Rule 144A/Regulation S issue.

Proceeds will be used to help fund the acquisition of Edgen by Jefferies Capital Partners from Harvest Partners.

The issuer, which will be called Edgen Corp. after the acquisition, is a Baton Rouge, La.-based global supplier of specialty steel pipe and components to the oil and gas process and power generation industries.

Issuer:	Edgen Acquisition Corp. and, after the merger, Edgen Corp.
Amount:	$105 million
Maturity:	Feb. 1, 2011
Security description:	Senior secured notes
Bookrunner:	Jefferies & Co.
Coupon:	9 7/8%
Price:	Par
Yield:	9 7/8%
Spread:	601 basis points
Call features:	Make-whole call at Treasuries plus 50 basis points until Feb. 1, 2008, then callable at 104.938, 102.469, par on and after Feb. 1, 2010
Equity clawback:	Until Feb. 1, 2007 for 35% at 109.875
Trade date:	Jan. 25
Settlement date:	Feb. 1
Ratings:	Moody's: B3
	Standard & Poor's: B-
Price talk:	9¾% area

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