Texas Industries starts roadshow for $600 million eight-year notes on Tuesday

By Paul A. Harris

St. Louis, May 19 - The roadshow begins Tuesday for Texas Industries, Inc.'s offering of $600 million senior notes due 2011 (B1/BB-), according to a syndicate source.

The deal is expected to price on May 30, the srouce added.

Banc of America Securities and UBS Warburg are joint bookrunners for the Rule 144A deal. Banc One Capital Markets, Wells Fargo, SunTrust Robinson Humphrey, Comerica and Hibernia are co-managers.

The notes are non-callable for four years.

The company will also obtain a new credit facility.

Proceeds will be used to repurchase up to $283 million of outstanding senior notes, repay the existing credit facility ($120 million at May 15, 2003), repurchase trade receivables previously sold under the accounts receivable facility ($115.5 million at May 15, 2003), and retire $95.5 million of variable-rate industrial development revenue bonds.

The Dallas-based company makes cement and structural steel.

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