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Exide brings $675 million two-part note offering via Morgan Stanley, Deutsche Bank, Well Fargo
By Paul A. Harris
St. Louis, Aug. 5 - Exide Technologies, Inc. announced a $675 million two-part offering of senior secured notes, according to a Thursday press release.
The deal features tranches of five-year notes, which come with three years of call protection, and seven-year notes, which come with four years of call protection, according to a market source.
Tranche sizes remain to be determined.
Morgan Stanley & Co. Inc., Deutsche Bank Securities Inc. and Wells Fargo Securities will lead the Rule 144A and Regulation S deal, the source added.
Specific timing remains to be determined. However the deal is expected to come in the near term, according to the market source.
The Milton, Ga.-based stored electrical-energy solutions company will use the proceeds to repay bank debt, as well as to fund the redemption of its 10½% senior notes due 2013, to provide working capital and for general corporate purposes.
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