Tomkins talks upsized $1.15 billion eight-year notes at 9% to 9¼%

By Paul A. Harris

St. Louis, Sept. 20 - Pinafore, LLC and Pinafore, Inc., special purpose vehicles for Tomkins plc, talked an upsized $1.15 billion offering of eight-year second-lien notes (B1/B+) with a 9% to 9¼% yield, an informed source said on Monday.

Pricing is set for Tuesday morning.

Bank of America Merrill Lynch, Citigroup, Barclays Capital, RBC Capital Markets and UBS Investment Bank are the joint bookrunners for the Rule 144A with registration rights transaction.

The notes come with four years of call protection and a special call provision allowing 10% of the issue to be callable at 103 during the first three years.

The notes also feature a poison put at 101.

Proceeds will be used to help finance the leveraged buyout of the company by the Canada Pension Plan Investment Board and Onex Corp.

The second-lien notes tranche is upsized from $1 billion, concurrent with a decrease in the equity portion of the financing.

Tomkins is a London-based manufacturer of automotive, building and industrial products.

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