Eletson talks $290 million eight-year secured notes to at discount to yield 9¾%-10%

By Paul A. Harris

Portland, Ore., Dec. 11 - Eletson Holdings Inc. talked its $290 million offering of eight-year senior secured first-priority ship mortgage notes to yield 9¾% to 10%, including an original issue discount of a point to 1.5 points, a syndicate source said.

Books close Wednesday at 4 p.m. ET for all accounts in the United States except for accounts in Los Angeles with Wednesday meetings and international accounts, for whom books will remain open until 9:30 a.m. ET on Thursday.

The deal is set to price Thursday morning.

Jefferies LLC and DNB Markets are the joint bookrunners. Clarkson and Brock are the co-managers.

The Rule 144A and Regulation S for life notes come with four years of call protection.

Proceeds will be used to refinance debt and for general corporate purposes, including the acquisition of future vessels.

The prospective issuer is a Piraeus, Greece-based diversified industrial maritime transporter of refined oil products and liquefied petroleum gas.

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