Panolam talks $150 million eight-year subordinated notes at 10½%-10¾%; pricing Friday

By Paul A. Harris

St. Louis, Sept. 15 - Panolam Industries Inc. talked its $150 million offering of eight-year senior subordinated notes at 10½% to 10¾% on Friday, according to a market source.

The books close at 10:30 a.m. ET Friday, and the offering is expected to price Friday afternoon.

Credit Suisse First Boston and Jefferies & Co. are joint bookrunners.

The company will also obtain a $155 million senior secured credit facility.

Proceeds will be used to fund the acquisition of the company by Genstar Capital, The Sterling Group and management from the Carlyle Group.

Moody's Investors Service assigns its Caa1 rating to the notes. Standard & Poor's rates the notes CCC+.

Panolam is a Shelton, Conn., provider of decorative surfaces for commercial and residential interiors, store and store fixtures and furniture.

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