Published on 2/12/2004 in the Prospect News High Yield Daily.
New Issue: Erico International upsized $141 million eight-year notes yield 8 7/8%
By Paul A. Harris
St. Louis, Feb. 12 - Erico International Corp. priced an upsized $141 million of eight-year senior subordinated notes (B3/B-) Thursday at par to yield 8 7/8%, market sources said.
Price talk was in the area of 8¾%.
Deutsche Bank Securities and JP Morgan were underwriters of the Rule 144A issue, which has registration rights.
Proceeds will be used to refinance debt.
The Solon, Ohio-based company manufactures engineered metal products for niche applications.
Issuer: | Erico International Corp.
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Amount: | $141 million (increased from $135 million)
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Maturity: | March 1, 2012
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Security description: | Senior subordinated notes
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Underwriters: | Deutsche Bank Securities, JP Morgan
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Coupon: | 8 7/8%
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Price: | Par
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Yield: | 8 7/8%
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Spread: | 521 basis points
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Call features: | Callable after March 1, 2008 at 104.438, 102.219, par on March 1, 2010 and thereafter
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Equity clawback: | Until March 1, 2007 for 35% at 108.875
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Pricing date: | Feb. 12
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Settlement date: | Feb. 20
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Ratings: | Moody's: B3
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| Standard & Poor's: B-
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Price talk: | 8¾% area
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