New Issue: Milacron upsizes to $275 million, prices seven-year notes at par to yield 8 3/8%

By Paul A. Harris

Portland, Ore., April 20 - Milacron LLC priced an upsized $275 million issue of seven-year senior secured notes (B1/B+/) at par to yield 8 3/8% on Friday, according to a syndicate source.

The yield printed 12.5 basis points below yield talk, which had been set in the 8 5/8% area.

Bank of America Merrill Lynch, RBC Capital Markets and Barclays Capital Inc. were the joint bookrunners for the issue, which was upsized from $265 million.

Proceeds will be used to finance the acquisition of the company by CCMP Capital.

The issuing entities will be Mcron Finance Sub LLC and Mcron Finance Corp., with Mcron Finance Sub to be ultimately merged with and into Milacron, a Cincinnati-based manufacturer and supplier of plastics-processing technologies and metalworking fluids.

Issuer:	Mcron Finance Sub LLC and Mcron Finance Corp. (Milacron LLC)
Amount:	$275 million, increased from $265 million
Maturity:	May 15, 2019
Securities:	Senior secured notes
Bookrunners:	Bank of America Merrill Lynch, RBC Capital Markets LLC, Barclays Capital Inc.
Co-manager:	KeyBanc Capital Markets Inc.
Coupon:	8 3/8%
Price:	Par
Yield:	8 3/8%
Spread:	699 bps
Call features:	Make-whole call at Treasuries plus 50 bps until May 15, 2015, then callable at 106.281, 104.188, 102.094, par on and after May 15, 2018
Equity clawback:	35% at 108.375 until May 15, 2015
Change-of-control put:	101%
Trade date:	April 20
Settlement date:	May 30
Ratings:	Moody's: B1
	Standard & Poor's: B+
Distribution:	Rule 144A and Regulation S for life
Price talk:	8 5/8% area
Marketing:	Roadshow

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