Accellent to price $400 million seven-year secured notes Jan. 18 week

By Paul A. Harris

St. Louis, Jan. 19 - Accellent Inc. plans to price a $400 million offering of seven-year senior secured notes on Wednesday afternoon or Thursday morning, according to informed sources.

Credit Suisse, Wells Fargo Securities and UBS Investment Bank are joint bookrunners for the Rule 144A and Regulation S notes.

The notes are secured by a first lien on non-current assets, including plant, property and equipment, and on certain capital stock, and a second lien on all current assets, including accounts receivable and inventory.

Proceeds will be used to refinance bank debt.

The notes come with three years of call protection. However the issuer may prepay up to 10% of the bond annually, at 103.0.

The notes also come with a change-of-control put provision at 101%.

Accellent is a Wilmington, Mass.-based provider of outsourced design, engineering and manufacturing of custom components, subassemblies and completed devices primarily for medical device firms.

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