New Issue: MSX International prices $75.5 million notes units to yield 11¼%

By Paul A. Harris

St. Louis, July 25 - MSX International priced $75.5 million of notes units (B2/B) comprised of MSX International, Inc.'s 11% senior secured notes due Oct. 15, 2007 and MSX International Ltd.'s 11% senior secured notes due Oct. 15, 2007, according to an informed source.

The units priced Friday at 99.14 to yield 11¼%.

Jefferies & Co. was the bookrunner on the Rule 144A (with registration rights) deal.

Proceeds will be use to repay bank debt.

The issuer is a Southfield, Mich.-based provider of technical business services.

Issuers:	MSX International, Inc. (U.S. issuer) and MSX International Ltd. (U.K. issuer)
Face amount:	$75.5 million
Proceeds:	$74.85 million
Bookrunner:	Jefferies & Co.
Maturity:	Oct. 15, 2007
Security description:	Notes units consisting of MSX International Inc. 11% senior secured notes and MSX International Ltd. 11% senior secured notes
Coupon:	11%
Price:	99.14
Yield:	11¼%
Call features:	Make-whole call prior to August 1, 2005 at Treasuries plus 50 basis points, then at 105.5, then 102.750 on Feb. 1, 2006, declining to par on Aug. 1, 2006 and thereafter
Equity clawback:	Until Oct. 15, 2005 for up to 35% at 111.0
Settlement date:	Aug. 1, 2003 (T + 5)
Distribution:	Rule 144A with registration rights
Ratings:	Moody's: B2
	Standard & Poor's: B

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