By Paul A. Harris
Portland, Ore., Sept. 26 - Artesyn Technologies, Inc. priced a $250 million issue of seven-year senior secured notes (B3/B) at par to yield 9¾% on Thursday, according to a syndicate source.
The yield printed at the wide end of the 9½% to 9¾% yield talk.
BofA Merrill Lynch was the left bookrunner. Goldman Sachs & Co. was the joint bookrunner.
Proceeds, along with cash equity from Platinum Equity, will be used to fund the acquisition of the majority of the capital stock of Artesyn from Emerson Electric Co.
The issuing entity will be Artesyn Escrow, Inc., which will be merged with and into Boca Raton, Fla.-based Artesyn Technologies, a provider of application-specific power conversion products and manufacturer of microprocessor-based boards and systems.
| Issuer: | Artesyn Escrow, Inc. to be merged with and into Artesyn Technologies, Inc.
|
| Amount: | $250 million
|
| Maturity: | Oct. 15, 2020
|
| Securities: | Senior secured notes
|
| Left bookrunner: | BofA Merrill Lynch
|
| Joint bookrunner: | Goldman Sachs & Co.
|
| Coupon: | 9¾%
|
| Price: | Par
|
| Yield: | 9¾%
|
| Spread: | 773 bps
|
| First call: | Callable Oct. 15, 2016 at 107.313
|
| Equity clawback: | 35% at 109.75 until Oct. 15, 2016
|
| Change-of-control put: | 101%
|
| Trade date: | Sept. 26
|
| Settlement date: | Oct. 10
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B
|
| Distribution: | Rule 144A for life and Regulation S
|
| Price talk: | 9½% to 9¾%
|
| Marketing: | Roadshow
|
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