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LMI Aerospace talks $250 million five-year notes to yield 7¼%-7½%
By Paul A. Harris
Portland, Ore., June 10 – LMI Aerospace, Inc. talked its $250 million offering of five-year senior secured second-lien notes (B3/B) to yield 7¼% to 7½% on Tuesday, according to a syndicate source.
Books close at 5 p.m. ET Wednesday, except for West Coast accounts. The deal is set to price Thursday morning, New York time.
RBC Capital Markets Corp. is the left bookrunner for the Rule 144A and Regulation S with registration rights offering. Wells Fargo Securities LLC and SunTrust Robinson Humphrey Inc. are the joint bookrunners.
The notes come with 2.5 years of call protection. A special call provision allows the issuer to redeem 10% of the notes annually at 103 during the non-call period.
The notes also feature a 35% equity clawback at par plus the coupon during the non-call period and a 101% poison put.
The St. Charles, Mo.-based company plans to use the proceeds to repay its existing term loan and to repay revolver borrowings.
LMI Aerospace is a supplier of components and provider of engineering services to the aerospace and defense industries.
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