Titan/Husky Injection Molding talks $750 million eight-year notes to yield 7½%-7¾%

By Paul A. Harris

Portland, Ore., March 15 – Husky Injection Molding Systems talked its $750 million offering of eight-year senior notes (Caa2/CCC+) to yield 7½% to 7¾%, according to a market source.

Official talk comes wide to initial guidance of 7¼% to 7½%, a trader said.

Books close at 11 a.m. ET on Friday, and the deal, which will help fund the leveraged buyout of the company by Platinum Equity from Berkshire Partners and Omers Private Equity, is expected to price on Friday.

BofA Merrill Lynch is leading the note offering.

Financing for the buyout also includes a $2 billion term loan via Deutsche Bank Securities Inc., Bank of America Merrill Lynch, Goldman Sachs Bank USA, Barclays and BMO Capital Markets.

The acquisition, valued at $3.85 billion, is expected in the second quarter of 2018.

The issuing entity will be special purpose vehicle Titan Acquisition Ltd.

Husky is a Bolton, Ont.-based supplier of injection molding equipment and services to the plastics industry.

© 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.