New Issue: Metaldyne upsizes 10-year notes to $150 million, yield 10%

By Paul A. Harris

St. Louis, Oct. 20 - Metaldyne Corp. priced an upsized offering of $150 million of senior notes due Nov. 1, 2013 (B3/B) Monday at par to yield 10%, according to a syndicate source.

The deal was increased from $100 million. Price talk was for a yield of 10¼%-10½%.

Credit Suisse First Boston, Deutsche Bank Securities and JP Morgan were bookrunners on the Rule 144A offering.

Metaldyne will use proceeds, along with cash on hand, to repay the $98.5 million balance of its 4½% subordinated debentures due 2003.

The issuer is a Plymouth, Mich.-based supplier of components and assemblies for transportation-related powertrain and chassis applications.

Issuer:	Metaldyne Corp.
Amount:	$150 million
Maturity:	Nov. 1, 2013
Security description:	Senior notes
Bookrunners:	Credit Suisse First Boston, Deutsche Bank Securities, JP Morgan
Coupon:	10%
Price:	Par
Yield:	10%
Spread:	565 basis points over 4¼% Treasury due August 2013
Call features:	Callable after Nov. 1, 2008 at 105, then 103.333, 101.667, declining to par on Nov. 1, 2011 and thereafter
Equity clawback:	Until Nov. 1, 2006 at 110.0 for up to 35%
Settlement date:	Oct. 27, 2003 (T+5)
Ratings:	Moody's: B3
	Standard & Poor's: B
Rule 144A Cusip:	591160AC0
Price talk:	10¼%-10½%

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