Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers T > Headlines for TMS International Corp. > News item |
TMS International driving by with $300 million eight-year notes, early guidance mid-6% area
By Paul A. Harris
Portland, Ore., April 6 – TMS International Corp. plans to price a $300 million offering of eight-year senior notes in a Tuesday drive-by trailing a conference call with investors, according to market sources.
The Rule 144A and Regulation S deal is in the market with initial guidance in the mid-6% area, according to a bond trader.
Credit Suisse Securities (USA) LLC is the lead left bookrunner. BofA Securities Inc. and Jefferies & Co. are the joint bookrunners.
The notes become callable after three years at par plus 50% of the coupon. They feature a three-year 40% equity clawback and a 101% poison put.
The Pittsburgh-based provider of onsite industrial steel mill services, formerly known as Tube City, plans to use the proceeds to redeem its 7¼% senior notes due 2025, pay off its revolver and for general corporate purposes.
© 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.