New Issue: Oshkosh prices $250 million 10-year notes at par to yield 5 3/8%

By Paul A. Harris

Portland, Ore., Feb. 17 – Oshkosh Corp. priced a $250 million issue of 10-year senior notes (Ba3/BB+/) at par to yield 5 3/8% on Tuesday, according to a syndicate source.

The yield printed at the tight end of yield talk in the 5½% area.

BofA Merrill Lynch, J.P. Morgan Securities LLC, RBS Securities Inc. and Wells Fargo Securities LLC were the joint bookrunners.

The Oshkosh, Wis.-based company plans to use the proceeds, together with available cash, to redeem all of its 8½% senior notes due 2020, which are scheduled to be redeemed on March 2.

Oshkosh is a designer, manufacturer and marketer of access equipment, commercial, fire & emergency, military and specialty vehicles and vehicle bodies.

Issuer:	Oshkosh Corp.
Amount:	$250 million
Maturity:	March 1, 2025
Securities:	Senior notes
Bookrunners:	BofA Merrill Lynch, J.P. Morgan Securities LLC, RBS Securities Inc., Wells Fargo Securities LLC
Co-managers:	Credit Agricole CIB, HSBC Securities, PNC Capital Markets, SMBC Nikko, SunTrust Robinson Humphrey Inc., TD Securities, U.S. Bancorp Investments Inc.
Coupon:	5 3/8%
Price:	Par
Yield:	5 3/8%
Spread:	326 bps
Call protection:	Five years
Trade date:	Feb. 17
Settlement date:	March 2
Ratings:	Moody's: Ba3
	Standard & Poor's: BB+
Distribution:	Rule 144A and Regulation S
Price talk:	5½% area
Marketing:	Quick to market

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