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Prospect News home > News index > List of issuers E > Headlines for Exide Technologies, Inc. > News item |
Exide downsizes to $290 million; eight-year notes talked 10¼%-10½%
By Paul A. Harris
St. Louis, March 10 - Exide Technologies Inc. downsized its offering of eight-year senior notes to $290 million from $350 million, according to a syndicate source.
The notes (Caa1/B) are being talked at 10¼% to 10½% and are expected to price on Monday.
Deutsche Bank Securities and Credit Suisse First Boston are the bookrunners for the Rule 144A/Regulation S offering. Banc of America Securities LLC and UBS Investment Bank are the co-managers.
The notes will be non-callable for four years.
Proceeds will be used to repay Exide's senior credit facilities and to provide the company with greater liquidity.
The company shifted $60 million to an offering of convertible floating-rate notes from the senior note offering.
Exide is a Lawrenceville, N.J., stored electrical energy solutions provider.
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