Mac-Gray $125 million 10-year notes talked at 7¾% area, to price Wednesday

By Paul A. Harris

St. Louis, Aug. 9 - Mac-Gray Corp. talked its $125 million offering of 10-year senior notes at the 7¾% area on Tuesday, according to a market source.

The offering is expected to price late Wednesday afternoon.

JP Morgan has the books for the Rule 144A/Regulation S offering, which has registration rights.

The notes will come with five years of call protection.

Proceeds will be used to repay bank debt.

Moody's Investors Service assigned its B1 rating to the notes, and Standard & Poor's rated the notes at B+.

The prospective issuer is a Cambridge, Mass., contractor of debit-card- and coin-operated laundry facilities in multi-unit housing facilities such as apartment buildings, college and university residence halls, condominiums and public housing complexes.

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