Thomas & Betts $125 million 10-year notes talked at 7¼%-7½%, pricing Wednesday

By Paul A. Harris

St. Louis, May 20 - Price talk of 7¼%-7½% circulated the market Tuesday on Thomas & Betts' split-rated offering of $125 million of 10-year notes (Ba1/BBB-), according to market sources.

The deal is expected to price on Wednesday, the sources added.

The registered deal, via joint bookrunners Credit Suisse First Boston, Wachovia Securities, Inc. and Banc of America Securities, is reported to have been marketed to both investment-grade and high-yield accounts.

The notes are non-callable for five years, and contain a three-year equity clawback.

Proceeds will be used to refinance the company's 8½% senior notes due 2004.

Thomas & Betts is a Memphis-based electronics components company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.