Flexi-Van starts roadshow for $300 million five-year secured notes

By Paul A. Harris

Portland, Ore., Feb. 5 – Flexi-Van Leasing, Inc. began a roadshow on Monday for a $300 million offering of five-year second-lien senior secured notes, according to a market source.

Initial price talk is in the high 9% to low 10% area.

The deal, which is being led by BofA Merrill Lynch, is expected to price on Friday.

The notes come with two years of call protection.

The Kenilworth, N.J.-based provider of equipment to the intermodal transportation industry plans to use the proceeds to repay debt under its revolving credit facility and to redeem its 7 7/8% senior notes due Aug. 15, 2018.

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