New Issue: Transportation Tech $100 million six-year notes yield 13.262%

By Paul A. Harris

St. Louis, May 18 - Transportation Technologies Industries Inc. priced $100 million of senior subordinated notes due March 31, 2010 (Caa1/CCC+) on Tuesday at 97.00 with a 12½% coupon to yield 13.262%, according to an informed source.

CIBC World Markets and Wachovia Securities were the underwriters.

Proceeds will be used to replace the 15% senior subordinated bridge notes used in financing the acquisition of the company by Trimaran Capital Partners in March 2000.

The Chicago-based issuer manufactures components for trucks, buses and specialty vehicles.

Issuer:	Transportation Technologies Industries Inc.
Amount:	$100 million
Maturity:	March 31, 2010
Security description:	Senior subordinated notes
Bookrunners:	CIBC World Markets, Wachovia Securities
Coupon:	12½%
Price:	97.00
Yield:	13.262%
Spread:	919 basis points
Call features:	Callable at 103 until March 31, 2006, then at 102, 101, par on or after March 31, 2009
Pricing date:	May 18
Settlement date:	May 21
Ratings:	Moody's: Caa1
	Standard & Poor's: CCC+
Price talk:	11¾%-12%

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