New York, April 10 - Alltrista Inc. priced $150 million of senior subordinated notes due May 1, 2012 (B3/B-) at 98.436 to yield 10% Wednesday, according to a source.
Price talk on the issue had been 9 5/8% to 9 7/8%.
The offering was brought to market by bookrunners Banc of America Securities and CIBC World Markets. NatCity Investments was a co-manager.
Proceeds from the Rule 144A deal will be used to help fund the Rye, N.Y. canning and storage products manufacturer's acquisition of Tilia International and to repay bank debt.
Issuer: Alltrista Inc.
Amount: $150 million
Maturity: May 1, 2012
Type: Senior subordinated notes
Bookrunners: Banc of America Securities, CIBC World Markets
Coupon: 9¾%
Price: 98.436
Yield: 10%
Spread: 477 basis points
Call features: Callable on May 1, 2007 at 104.875, 103.250, 101.625, par on May 1, 2012 and thereafter
Equity clawback: Until May 1, 2005 for 35% at 109.75
Settlement date: April 24, 2002 (T+10)
Ratings: Moody's: B3
| Standard & Poor's: B-
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| Rule 144A CUSIP: | 020040AA9
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