By Paul A. Harris
St. Louis, Mo., June 13 - Metaldyne Corp. downsized to $250 million from $300 million its offering of senior subordinated notes due June 15, 2012 (B3/B) and priced them Thursday at par to yield 11%, according to a syndicate source.
Price talk was 9¾%-10%.
Credit Suisse First Boston, JP Morgan and Deutsche Bank Securities Inc. were joint bookrunners. Wachovia Securities, Comerica Securities and NatCity Investments were co-managers.
Proceeds from the Rule 144A notes will be used to repay bank debt.
The issuer is a Plymouth, Mich.-based designer and supplier of metal-based parts for the automotive industry.
Issuer: Metaldyne Corp.
Amount: $250 million (decreased from $300 million)
Maturity: June 15, 2012
Type: Senior subordinated notes
Bookrunners: Credit Suisse First Boston, JP Morgan, Deutsche Bank Securities (joint)
Co-managers: Wachovia Securities, Comercia Securities, NatCity Investments
Coupon: 11%
Price: Par
Yield: 11%
Price talk: 9¾%-10%
Spread: 609 basis points
Call features: Callable on June 15, 2007 at 105.50, 103.667, 101.833, par on June 15, 2010 and thereafter
Equity clawback: Until June 15, 2005 for 35% at 111
Settlement date: June 20, 2002 (T+5)
Ratings: Moody's: B3
| Standard & Poor's: B
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| Rule 144A CUSIP: | 591160AA4
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