By Paul A. Harris
St. Louis, March 15 - Exide Technologies Inc. priced a downsized and restructured $290 million issue of eight-year senior secured second-lien notes (Caa1/B) at par to yield 10½%, according to syndicate sources.
Price talk was 10¼% to 10½%.
The company had originally been in the market with senior unsecured notes.
Deutsche Bank Securities and Credit Suisse First Boston were the bookrunners for the Rule 144A/Regulation S issue, which has registration rights. Banc of America Securities LLC and UBS Investment Bank were the co-managers.
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 original $350 million senior notes offering.
Exide is a Lawrenceville, N.J., stored electrical energy solutions provider.
Issuer: | Exide Technologies Inc.
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Amount: | $290 million (decreased from $350 million)
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Maturity: | March 15, 2013
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Security description: | Senior secured second-lien notes (restructured from senior notes)
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Bookrunners: | Deutsche Bank Securities, Credit Suisse First Boston
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Co-managers: | Banc of America Securities LLC, UBS Investment Bank
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Coupon: | 10½%
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Price: | Par
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Yield: | 10½%
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Spread: | 609 basis points
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Call features: | Callable after March 15, 2009 at 105.25, 102.625, par on and after March 15, 2011
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Equity clawback: | Until March 15, 2008 for 35% at 110.50
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Trade date: | March 15
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Settlement date: | March 18
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Ratings: | Moody's: Caa1
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| Standard & Poor's: B
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Price talk: | 10¼%-10½%
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