Moog announces $50 million add-on to 6¼% notes due January 2015

By Paul A. Harris

St. Louis, Sept. 7 - Moog Inc. plans to price a $50 million add-on to its 6¼% senior subordinated notes due Jan. 15, 2015, the company said in a news release.

Proceeds from the Rule 144A/Regulation S transaction will be used to repay bank debt.

Moody's Investors Service assigned a Ba3 rating to the notes on Wednesday. Standard & Poor's assigned its B+ rating.

The notes are callable with a make-whole call at Treasuries plus 50 basis points until Jan. 15, 2010 and then become callable at 103.125. The notes also contain an equity clawback until Jan. 15, 2008 for 35% at 106.25.

No timing or syndicate names were disclosed in the news release, and the company did not return a Wednesday telephone call from Prospect News.

The original $150 million issue priced at par on Jan. 5, 2004 via bookrunner Banc of America Securities LLC.

Moog Inc. is an East Aurora, N.Y., designer, manufacturer and integrator of precision control components and systems.

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