By Paul A. Harris
St. Louis, Mo., April 24 - Stoneridge, Inc. priced an offering of $200 million senior notes due May 1, 2012 (B2/B) Thursday at par to yield 11½%, according to a market source.
Price talk was 11½%-11¾%.
Deutsche Bank Securities Inc. was the bookrunner. Co-managers were JP Morgan, Morgan Stanley and NatCity Investments.
Proceeds from the Rule 144A deal will be used to repay bank debt and for general corporate purposes.
The Warren, Ohio-based company manufactures electrical components for the auto industry.
Issuer: Stoneridge, Inc.
Amount: $200 million
Maturity: May 1, 2012
Type: Senior notes
Bookrunner: Deutsche Bank Securities
Coupon: 11½%
Price: Par
Yield: 11½%
Price talk: 11½%-11¾%.
Spread: 641 basis points
Call features: Callable on May 1, 2007 at 105.75, 103.833, 101.917, par on May 1, 2010 and thereafter
Equity clawback: Until May 1, 2005 for 35% at 111.50
Settlement date: May 1, 2002
Ratings: Moody's: B2
| Standard & Poor's: B
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| Rule144A CUSIP: | 86183PAC6
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