New Issue: Gardner Denver $125 million eight-year notes yield 8%

By Paul A. Harris

St. Louis, April 29 - Gardner Denver Inc. priced $125 million of eight-year senior subordinated notes (B2/B) at par to yield 8%, according to an informed source.

Price talk was the 7¾% area.

Bear Stearns & Co. and JP Morgan were joint bookrunners for the Rule 144A/Regulation S issue. Wachovia Securities, Harris Nesbitt, Mitsubishi, Piper Jaffray and Scotia Capital were co-managers.

Proceeds will be used to help fund the acquisition of Thomas Industries Inc., a Louisville, Ky., compressor company.

Gardner Denver is a Quincy, Ill., compressor manufacturer.

Issuer:	Gardner Denver Inc.
Amount:	$125 million
Maturity:	May 1, 2013
Security description:	Senior subordinated notes
Bookrunners:	Bear Stearns & Co., JP Morgan
Co-managers:	Wachovia Securities, Harris Nesbitt, Mitsubishi, Piper Jaffray, Scotia Capital
Coupon:	8%
Price:	Par
Yield:	8%
Spread:	403 basis points
Call features:	Callable after May 1, 2009 at 104.0, 102.0, par on and after May 1, 2011
Equity clawback:	Until May 1, 2008 for 35% at 108.0
Pricing date:	April 29
Settlement date:	May 4
Ratings:	Moody's: B2
	Standard & Poor's: B
Price talk:	7¾% area

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.