New Issue: Altra Industrial Motion prices $400 million eight-year notes at par to yield 6 1/8%

By Paul A. Harris

Portland, Ore., Sept. 26 – Altra Industrial Motion Corp. priced a $400 million issue of eight-year senior notes (B2/B+) at par yield 6 1/8% on Wednesday, according to market sources.

The yield printed at the tight end of yield talk in the 6¼% area, and well inside of initial price talk in the high 6% area to 7%.

Goldman Sachs & Co. LLC was the left bookrunner. UBS Securities LLC and Citigroup Global Markets Inc. were the joint bookrunners.

The issuing entity is Stevens Holding Co., Inc. The notes are guaranteed by Altra Industrial Motion.

The Braintree, Mass.-based designer, producer and marketer of electromechanical power transmission and motion-control products plans to use the proceeds to fund a cash dividend to Fortive.

Issuer:	Stevens Holding Co., Inc.
Guarantor:	Altra Industrial Motion Corp.
Amount:	$400 million
Maturity:	Oct. 1, 2026
Securities:	Senior notes
Left bookrunner:	Goldman Sachs & Co. LLC
Joint bookrunners:	UBS Securities LLC, Citigroup Global Markets Inc.
Co-managers:	Wells Fargo Securities LLC, HSBC Securities, MUFG, BMO Capital Markets Corp., Citizens Capital Markets Inc., RBC Capital Markets LLC, TD Securities (USA) LLC
Coupon:	6 1/8%
Price:	Par
Yield:	6 1/8%
First call:	Oct. 1, 2023 at 101.531
Trade date:	Sept. 26
Settlement date:	Oct. 1
Ratings:	Moody's: B2
	S&P: B+
Distribution:	Rule 144A and Regulation S for life
Price talk:	6¼% area
Marketing:	Roadshow

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