American Piping sets talk for $100 million five-year secured notes

By Paul A. Harris

Portland, Ore., Nov. 19 - American Piping Products, Inc. has set price talk for its $100 million offering of five-year senior secured notes (Caa1), an informed source said on Monday.

The notes are talked with a 12 7/8% coupon to yield 13¼% to 13½%, implying a reoffer price of 97.778 to 98.659.

The deal is expected to price on Tuesday.

Imperial Capital is the manager of the Rule 144A and Regulation S for life offering.

The notes become callable in two years at par plus 50% of the coupon.

Proceeds will be used to repay debt, to redeem preferred stock and founder's stock and to pay a dividend to common stock holders.

The prospective issuer is a St. Louis-based distributor of specialty pipes, fittings and flanges.

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