Michael Foods talks $430 million eight-year notes to yield 9¾%-10%

By Paul A. Harris

St. Louis, June 21 - Michael Foods Group, Inc. talked its $430 million offering of eight-year senior unsecured notes with a 9¾% to 10% yield, an informed source said on Monday.

Pricing is set for Tuesday morning.

Goldman Sachs & Co. is the left lead bookrunner. Bank of America Merrill Lynch and Barclays Capital Inc. are the joint bookrunners.

The notes come with four years of call protection.

Proceeds will be used to help finance the leveraged buyout of the company by GS Capital Partners from Thomas H. Lee Partners LP.

Michael Foods is a Minnetonka, Minn.-based food products and services company.

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