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TMS talks $250 million eight-year senior notes to yield in 7¼% area; pricing Wednesday
By Paul A. Harris
Portland, Ore., Aug. 8 – TMS International Corp. talked its $250 million offering of eight-year senior notes (Caa1/B) to yield in the 7¼% area, according to a syndicate source.
Books close at noon ET on Wednesday, and the deal is set to price thereafter.
Credit Suisse Securities (USA) LLC, BofA Merrill Lynch and J.P. Morgan Securities LLC are the joint bookrunners for the Rule 144A and Regulation S for life offering.
The notes become callable after three years at par plus 50% of the coupon and feature a 101% poison put.
The Glassport, Pa.-based provider of mill services for steelmakers plans to use the proceeds to refinance its 7 5/8% senior notes due 2021.
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