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MEMC Electronic starts roadshow for $500 million eight-year notes
By Paul A. Harris
Portland, Ore., Feb. 24 - MEMC Electronic Materials, Inc. began a roadshow on Thursday for a $500 million offering of eight-year senior notes (B1), according to an informed source.
The deal is set to price during the week ahead.
Bank of America Merrill Lynch, Deutsche Bank Securities Inc. and Goldman Sachs & Co. are the joint bookrunners for the Rule 144A with registration rights and Regulation S offering.
PNC Capital Markets, US Bancorp, HSBC, Santander and Fifth Third Securities are the co-managers.
The notes come with three years of call protection and feature a 101% poison put.
The St. Peters, Mo.-based company plans to use the proceeds for general corporate purposes. These would include working capital, capital expenditures and the construction of solar power projects, as well as acquisitions, investments, strategic transactions and joint ventures.
MEMC manufactures wafers for semiconductor and solar applications.
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