By Paul A. Harris
St. Louis, Sept. 24 - Stoneridge Inc. priced a $175 million issue of 9½% seven-year first-lien senior secured notes (B3/B+) at par to yield 9½% on Friday.
The yield printed at the wide end of the 9¼% to 9½% price talk.
JP Morgan and Deutsche Bank Securities were the joint bookrunners.
Proceeds will be used to fund a tender offer for the company's 11½% senior notes due 2012 and to redeem any notes not tendered.
Stoneridge is a Warren, Ohio-based designer and manufacturer of highly engineered electronics for the truck, automotive, agricultural and off-highway vehicle markets.
| Issuer: | Stoneridge Inc.
|
| Issue: | First-lien senior secured notes
|
| Amount: | $175 million
|
| Maturity: | Oct. 15, 2017
|
| Bookrunner: | JPMorgan, Deutsche Bank Securities
|
| Coupon: | 9½%
|
| Price: | Par
|
| Yield: | 9½%
|
| Spread: | 750 bps
|
| Call protection: | Make-whole call at Treasuries plus 50 bps until Oct. 15, 2014, then callable at a premium
|
| Trade date: | Sept. 24
|
| Settlement date: | Oct. 4
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B+
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 9¼% to 9½%
|
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