Winnebago to sell $300 million eight-year notes in Tuesday drive-by; initial talk 6½%-6¾%

By Paul A. Harris

Portland, Ore., June 30 – Winnebago Industries, Inc. plans to price a $300 million offering of eight-year senior secured notes (expected ratings B2/BB) in a Tuesday drive-by, according to market sources.

Initial talk has the deal coming to yield 6½% to 6¾%, a trader said.

J.P. Morgan Securities LLC is leading the sale.

The Rule 144A and Regulation S notes come with three years of call protection.

The Forest City, Iowa-based manufacturer of outdoor lifestyle products plans to use the proceeds to pay off its term loan, with the remainder to be used for general corporate purposes.

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