New Issue: Thomas & Betts split-rated $125 million 10-year notes price at par to yield 7¼%

By Paul A. Harris

St. Louis, May 21 - Thomas & Betts priced a split-rated issue of $125 million senior notes due June 1, 2013 (Ba1/BBB-) Wednesday at par to yield 7¼%, according to a syndicate source.

Price talk had been for a yield of 7¼%-7½%.

Credit Suisse First Boston, Wachovia Securities, Inc. and Banc of America Securities were joint bookrunners.

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

The issuer is a Memphis-based electronics components company.

Issuer:	Thomas & Betts
Amount:	$125 million
Maturity:	June 1, 2013
Security description:	Senior notes
Bookrunners:	Credit Suisse First Boston, Wachovia Securities, Banc of America Securities (joint)
Coupon:	7¼%
Price:	Par
Yield:	7¼%
Call features:	Callable on June 1, 2008 at 103.625, then at 102.417, 101.208, declining to par on June 1, 2011 and thereafter
Equity clawback:	Until June 1, 2006 for 35% at 107.25
Settlement date:	May 27, 2003
Distribution:	Public
Ratings:	Moody's: Ba1
	Standard & Poor's: BBB-
Price talk:	7¼%-7½%

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