Steinway talks $175 million eight-year notes 7%-7¼%, pricing expected Thursday

By Paul A. Harris

St. Louis, Feb. 15 - Steinway Musical Instruments Inc. talked its $175 million offering of eight-year senior notes at 7% to 7¼% on Wednesday, according to an informed source.

The offering is expected to price on Thursday.

UBS Investment Bank has the books for the Rule 144A notes.

The notes come with four years of call protection.

Proceeds will be used to purchase all $166.2 million of the company's 8¾% senior notes due 2011.

Waltham, Mass.-based Steinway Musical Instruments, through its Steinway and Conn-Selmer divisions, is one of the world's leading manufacturers of musical instruments.

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