Edgen Murray starts roadshow for $465 million seven-year notes

By Paul A. Harris

St. Louis, Dec. 9 - Edgen Murray Corp. began a roadshow on Wednesday for its $465 million offering of seven-year senior secured first-lien notes, according to an informed source.

The roadshow wraps up on Tuesday, with the notes expected to price on the same day.

J.P. Morgan Securities Inc. and Jefferies & Co. are joint bookrunners for the Rule 144A and Regulation S with registration rights offering. Barclays Capital Inc. and HSBC Securities are co-managers.

The notes come with four years of call protection.

The ratings agencies are expected to assign the company's existing ratings to the notes. The existing rating from Moody's Investors Service is Caa1. The existing Standard & Poor's rating is B.

Proceeds will be used to repay bank debt.

The prospective issuer is a Baton Rouge, La.-based industrial distributor of steel products, primarily to the oil and gas industry.

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