Schweitzer-Mauduit talks $350 million eight-year notes at 7% area; pricing Friday

By Paul A. Harris

Portland, Ore., Sept. 13 – Schweitzer-Mauduit International, Inc. talked its $350 million offering of eight-year senior notes (B2/B+) to yield in the 7% area, according to a market source.

Books close at noon ET on Friday, and the Rule 144A and Regulation S deal is set to price thereafter.

Official talk comes wide of the 6½% to 6¾% initial talk, the source said, adding that the market heard the order book was around two-thirds done at 12:30 p.m. ET on Thursday.

J.P. Morgan Securities LLC is the lead.

The Alpharetta, Ga.-based provider of engineering solutions and advanced materials for the tobacco industry plans to use the proceeds to refinance its existing senior secured credit facilities.

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