Kemet to begin roadshow for five-year senior secured notes offering

By Paul Deckelman

New York, Nov. 3 – Kemet Corp. (existing ratings Caa1/B) plans to offer $400 million of five-year senior secured notes, the company announced on Monday.

High-yield syndicate sources said that the Rule 144A and Regulation S offering, which is being sold with registration rights, will be brought to market by bookrunning manager Bank of America Merrill Lynch.

The sources said that the notes will be marketed to potential investors via a roadshow that is scheduled to begin with presentations on Tuesday in New Jersey and Boston, on Wednesday in the Midwestern part of the United States and San Francisco, and on Thursday in Los Angeles, with pricing expected sometime thereafter.

The notes will have two years of call protection.

The Greenville, S.C.-based electronic components manufacturer plans to use the proceeds from the offering to fund the redemption of all of its outstanding 10½% senior notes due 2018, to reduce outstanding borrowings under its existing credit facility and to pay related transaction fees and expenses.

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