By Paul A. Harris
St. Louis, Dec. 3 - Mark IV Industries Inc. priced a €200 million issue of seven-year senior secured notes (Ba3/BB-/) at par to yield 8 7/8% on Thursday, according to market sources.
The yield printed at the tight end of the 9% area price talk.
J.P. Morgan Securities LLC and Deutsche Bank Securities Inc. were the bookrunners.
Proceeds will be used to refinance bank debt.
Mark IV is an Amherst, N.Y., manufacturer of engineered systems and components for the automotive, industrial and transportation markets.
| Issuers: | Mark IV Europe Lux, Mark IV USA Lux
|
| Amount: | €200 million
|
| Maturity: | Dec. 15, 2017
|
| Securities: | Senior secured notes
|
| Bill and deliver: | J.P. Morgan Securities LLC
|
| Bookrunners: | JPMorgan, Deutsche Bank Securities Inc.
|
| Co-manager: | Knight Securities
|
| Coupon: | 8 7/8%
|
| Price: | Par
|
| Yield: | 8 7/8%
|
| Spread: | 642 bps
|
| Call protection: | Three years
|
| Trade date: | Dec. 2
|
| Settlement date: | Dec. 13
|
| Ratings: | Moody's: Ba3
|
| Standard & Poor's: BB-
|
| Price talk: | 9% area
|
| Marketing: | Roadshow
|
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