New Issue: Valmont Industries sells $150 million 10-year notes to yield 6 7/8%

By Paul A. Harris

St. Louis, April 29 - Valmont Industries Inc. sold $150 million of 10-year senior subordinated notes (Ba3/B+) at par Thursday to yield 6 7/8%, a syndicate source said.

Price talk was 7% to 7¼%.

Credit Suisse First Boston ran the books on the Rule 144A/Regulation S issue. The co-managers were BNY Capital Markets, Wachovia Securities and Banc of America Securities.

Proceeds will be used to fund the acquisition of Newmark International and to repay debt.

The issuer is an Omaha, Neb.-based manufacturer of engineered support structures for irrigation equipment and provider of coating services.

Issuer:	Valmont Industries Inc.
Amount:	$150 million
Maturity:	May 1, 2014
Security description:	Senior subordinated notes
Bookrunner:	Credit Suisse First Boston
Co-managers:	BNY Capital Markets, Wachovia Securities, Banc of America Securities
Coupon:	6 7/8%
Price:	Par
Yield:	6 7/8%
Spread:	240 basis points
Call features:	Callable after May 1, 2009 at 103.438, 102.292, 101.146, par on or after May 1, 2012
Equity clawback:	Until May 1, 2007 for 35% at 106.875
Pricing date:	April 29
Settlement date:	May 4
Ratings:	Moody's: Ba3
	Standard & Poor's: B+
Price talk:	7%-7¼%

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