By Paul A. Harris
Portland, Ore., Jan. 13 - Exide Technologies priced a $675 million issue of seven-year senior secured notes (B2/B/) at par to yield 8 5/8% on Thursday, according to an informed source.
The yield printed at the tight end of the 8¾% area price talk.
Deutsche Bank Securities Inc. is the left bookrunner for the Rule 144A and Regulation S offering. Wells Fargo and Morgan Stanley & Co. Inc. were the joint bookrunners.
Proceeds will be used to repay bank debt, to fund a tender offer for the company's 10½% senior notes due 2013, to fund working capital and for general corporate purposes.
Exide is a Milton, Ga.-based stored electrical-energy solutions company.
Issuer: | Exide Technologies
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Amount: | $675 million
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Maturity: | Feb. 1, 2018
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Securities: | Senior secured notes
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Bookrunners: | Deutsche Bank Securities Inc. (left books), Wells Fargo Securities, Morgan Stanley & Co. Inc.
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Co-managers: | Barclays Capital Inc., SunTrust Robinson Humphrey Inc.
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Coupon: | 8 5/8%
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Price: | Par
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Yield: | 8 5/8%
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Spread: | 593 bps
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Call protection: | Four years
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Trade date: | Jan. 13
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Settlement date: | Jan. 25
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Ratings: | Moody's: B2
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| Standard & Poor's: B
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Distribution: | Rule 144A and Regulation S with registration rights
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Price talk: | 8¾% area
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Marketing: | Brief roadshow
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