Amsted talks $500 million eight-year senior notes with 8¼% area yield

By Paul A. Harris

St. Louis, March 11 - Amsted Industries Inc. talked its $500 million offering of eight-year senior notes to price with a yield in the 8¼% area on Thursday, according to an informed source.

The books close at 11:30 a.m. ET on Friday, and the notes will be priced thereafter.

Morgan Stanley & Co. Inc., Bank of America Merrill Lynch and Wells Fargo Securities are the joint bookrunners.

The notes come with four years of call protection.

Credit ratings remain to be determined.

Proceeds will be used to repay and retire concurrently with this offering all amounts outstanding under the company's existing term loan and to reduce borrowings under the existing accounts receivable securitization program.

Amsted Industries is a Chicago-based diversified manufacturer of industrial components serving primarily the railroad, vehicular, and construction and building markets.

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