By Paul A. Harris
St. Louis, Feb. 26 - Oshkosh Corp. priced $500 million of senior notes (B3/B-/) in two tranches on Friday, according to market sources.
The Oshkosh, Wis.-based specialty access equipment maker priced a $250 million tranche of seven-year notes at par to yield 8¼%. The yield printed at the tight end of the 8¼% to 8½% price talk.
In addition, Oshkosh priced a $250 million tranche of 10-year notes at par to yield 8½%. The yield on the 10-year notes also printed at the tight end of the 8½% to 8¾% price talk.
Bank of America Merrill Lynch, Goldman Sachs & Co. and J.P. Morgan Securities Inc. are joint bookrunners for the Rule 144A and Regulation S offering.
SunTrust Robinson Humphrey Inc. and Wells Fargo Securities are the senior co-managers. ABN Amro, BNP Paribas Securities Corp., Calyon Securities, PNC and TD Securities are the co-managers.
Proceeds will be used to repay bank debt.
| Issuer: | Oshkosh Corp.
|
| Amount: | $500 million
|
| Securities: | Senior notes
|
| Bookrunners: | Bank of America Merrill Lynch, Goldman Sachs & Co., J.P. Morgan Securities Inc.
|
| Senior co-managers: | SunTrust Robinson Humphrey Inc., Wells Fargo Securities
|
| Co-managers: | ABN Amro, BNP Paribas Securities Corp., Calyon Securities, PNC, TD Securities
|
| Trade date: | Feb. 26
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B-
|
| Distribution: | Rule 144A/Regulation S
|
|
|
| Seven-year notes
|
| Amount: | $250 million
|
| Maturity: | March 1, 2017
|
| Coupon: | 8¼%
|
| Price: | Par
|
| Yield: | 8¼%
|
| Spread: | 521 bps
|
| Call protection: | Four years
|
| Price talk: | 8¼% to 8½%
|
|
|
| 10-year notes
|
| Amount: | $250 million
|
| Maturity: | March 1, 2020
|
| Coupon: | 8½%
|
| Price: | Par
|
| Yield: | 8½%
|
| Spread: | 490 bps
|
| Call protection: | Five years
|
| Price talk: | 8½% to 8¾%
|
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