By Paul A. Harris
St. Louis, Nov. 22 - Altra Industrial Motion Inc. priced a restructured $165 million issue of seven-year senior secured fixed-rate notes (B3/CCC+) at par to yield 9% on Monday, according to an informed source.
Price talk was 9% to 9¼%.
The company withdrew a planned floating-rate tranche, but the size of the issue remained unchanged.
Jefferies & Co. ran the books for the Rule 144A/Regulation S issue.
Proceeds will be used to fund the acquisition of Colfax & Kilian.
Altra Industrial is a Quincy, Mass.-based maker of industrial power products.
Issuer: Altra Industrial Motion Inc.
| Amount: | $165 million
|
| Maturity: | Dec. 1, 2011
|
| Security description: | Senior secured fixed-rate notes (senior secured floating-rate tranche withdrawn)
|
| Bookrunner: | Jefferies & Co.
|
| Coupon: | 9%
|
| Price: | Par
|
| Yield: | 9%
|
| Spread: | 513 basis points
|
| Call features: | Callable after Dec. 1, 2008 at 104.50, 102.25, par on or after Dec. 1, 2010
|
| Equity clawback: | 35% at 109.0 before Dec. 1, 2007
|
| Pricing date: | Nov. 22
|
| Settlement date: | Nov. 30
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: CCC+
|
| Price talk: | 9%-9¼%
|
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