GSI Group starts roadshow for $125 million eight-year notes via Lehman Brothers

By Paul A. Harris

St. Louis, April 29 - GSI Group Inc. started a roadshow Friday for its $125 million offering of eight-year senior unsecured notes (B3/B-), according to a market source.

Pricing is expected late in the week of May 2.

Lehman Brothers has the books for the Rule 144A/Regulation S offering. KeyBank is the co-manager.

Timing remains to be determined.

The notes will come with four years of call protection as well as with a three-year 35% equity clawback.

Proceeds will be used to redeem GSI's existing senior subordinated notes and to repay other debt.

The prospective issuer is an Assumption, Ill.-based manufacturer and provider of agricultural equipment and services.

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