Michael Baker talks $350 million five-year secured notes to yield 8¼%-8½%; pricing Monday

By Paul A. Harris

Portland, Ore., Oct. 7 - Michael Baker International, LLC talked its $350 million offering of five-year senior secured notes (B2/B+) to yield 8¼% to 8½%, according to an informed source.

Books close at 3 p.m. ET Monday, and the deal is set to price shortly thereafter.

Jefferies LLC is the arranger.

The Rule 144A and Regulation S for life notes become callable in 2.5 years at par plus 75% of the coupon.

Proceeds, along with cash equity from DC Capital Partners, will be used to fund the acquisition of Michael Baker Corp. by Integrated Mission Solutions.

Michael Baker is a Moon Township, Pa.-based provider of high-end engineering, development, intelligence and technology solutions.

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