Optima Specialty Steel sets Tuesday investor call for $300 million secured notes offering

By Paul A. Harris

Portland, Ore., Oct. 27 – Optima Specialty Steel, Inc. plans to hold an investor conference call at 12:40 p.m. ET on Tuesday in order to roll out its $300 million offering of five-year senior secured notes, according to a market source.

The deal is set to price in the early part of the Nov. 3 week.

Deutsche Bank Securities Inc. is the left bookrunner for the Rule 144A and Regulation S for life offering. Jefferies LLC is the joint bookrunner. PNC Capital Markets is the co-manager.

The notes, which are expected to garner credit ratings in the single B range, come with three years of call protection and feature a 35% equity clawback during the non-call period and a 101% poison put.

The Miami, Fla.-based specialty steel manufacturer plans to use the proceeds to refinance debt and for general corporate purposes.

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