MEMC talks $500 million eight-year senior notes with 7¾% area yield

By Paul A. Harris

Portland, Ore., March 2 - MEMC Electronic Materials, Inc. talked its $500 million offering of eight-year senior notes (B1) with a yield in the 7¾% area on Wednesday, according to an informed source.

The books close at noon ET on Thursday, and the deal is set to price thereafter.

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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