New Issue: Esterline Technologies upsizes 10-year notes to $175 million, yield 7¾%

By Paul A. Harris

St. Louis, June 4 - Esterline Technologies Corp. priced an upsized $175 million senior subordinated notes due June 15, 2013 (B1/B+) Wednesday at par to yield 7¾%, according to a market source.

The deal was increased from $150 million. Price talk was for a yield of 7¾%-8%.

Wachovia Securities, Inc. was the bookrunner for the Rule 144A deal.

Proceeds will be used to fund the acquisition of Weston Aerospace, to repay the credit facility and for general corporate purposes.

The issuer is an aerospace/defense specialty component manufacturer based in Bellevue, Wash.

Issuer:	Esterline Technologies Corp.
Amount:	$175 million (from $150 million)
Maturity:	June 15, 2013
Securities description:	Senior subordinated notes
Bookrunner:	Wachovia Securities
Coupon:	7¾%
Price:	Par
Yield:	7¾%
Spread:	446 basis points
Call features:	Callable on June 15, 2008 at 103.875, then at 102.583, 101.292, declining to par on June 15, 2011 and thereafter
Equity clawback:	Until June 15, 2006 for 35% at 107.75
Settlement date:	June 11, 2003 (T+5)
Ratings:	Moody's: B1
	Standard & Poor's: B+
Price talk:	7¾%-8%

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