Michael Baker talks $227.5 million 5.25-year notes at 8¾% area; pricing Friday

By Paul A. Harris

Portland, Ore., Nov. 10 – Michael Baker International, LLC talked $227.5 million of 5.25-year senior secured notes (Caa1/CCC+) to yield in the 8¾% area, according to an informed source.

Books close at 1 p.m. ET on Friday, and the Rule 144A and Regulation S for life deal is set to price shortly thereafter.

Jefferies LLC is the lead left bookrunner. SunTrust Robinson Humphrey Inc. and Citizens Bank are the joint bookrunners.

The notes come with 2.5 years of call protection.

The Pittsburgh-based provider of engineering, development, intelligence and technology solutions plans to use the proceeds to refinance debt, including its 8¼% notes due 2018 and its 8 7/8% notes due 2019.

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