HydroChem Industrial Services to launch $150 million eight-year notes Tuesday

By Paul A. Harris

St. Louis, Jan. 31 - HydroChem Industrial Services Inc. will launch its $150 million offering of eight-year senior subordinated notes (Caa1/B-) in a roadshow beginning Tuesday, according to an informed source.

Pricing is expected during the week of Feb. 7.

Morgan Stanley and Credit Suisse First Boston will be joint bookrunners for the Rule 144A offering.

The notes will come with four years of call protection and will contain a three-year equity clawback.

Proceeds will be used to refinance existing debt and to help fund Oak Tree Capital Management's acquisition of the company.

HydroChem is a Deer Park, Texas-based cleaning services provider.

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