Atkore talks $410 million seven-year notes with 9¾%-10% yield

By Paul A. Harris

St. Louis, Dec. 14 - Atkore International, Inc. talked its $410 million offering of seven-year senior secured notes (B3/B+/) with a 9¾% to 10% yield, a market source said on Tuesday.

The books close at 10 a.m. ET on Wednesday.

Deutsche Bank Securities Inc., UBS Securities and Credit Suisse Securities are the joint bookrunners for the Rule 144A with registration rights offering.

The notes come with three years of call protection. However, a special call feature allows the issuer to redeem 10% of the notes per year at 103 during the non-call period.

Proceeds will be used to fund the acquisition of a 51% stake in Atkore, Tyco International's electrical and metals products unit, by Clayton, Dubilier & Rice, LLC.

The prospective issuer is a Princeton, N.J.-based industrial company.

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