Flexi-Van Leasing starts roadshow for $250 million five-year notes

By Paul A. Harris

Portland, Ore., July 25 - Flexi-Van Leasing, Inc. began a roadshow Thursday in New York for a $250 million offering of five-year senior notes (expected ratings B3/BB-).

An investor call is set for 12:30 p.m. ET Thursday.

The roadshow moves to Boston and New Jersey on Friday and to California on Monday.

BofA Merrill Lynch is the left bookrunner for the Rule 144A for life deal. Wells Fargo Securities LLC is the joint bookrunner.

DVB, Scotia Capital and US Bancorp are the co-managers.

The notes come with 2.5 years of call protection and feature a 2.5-year 35% equity clawback and a 101% poison put.

The Kenilworth, N.J.-based provider of equipment to the intermodal transportation industry plans to use the proceeds to repay bank debt and fund a distribution to shareholders.

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