Woodward Governor marketing $100 million private placement of notes via JPMorgan

By Paul A. Harris

St. Louis, March 11 - Woodward Governor Co. is in the market with a $100 million private placement of senior notes, according to a market source.

The deal is expected to come in tranches of seven-year and 10-year non-callable notes.

J.P. Morgan Securities Inc. is the placement agent.

Woodward Governor is viewed as an NAIC-1 issuer, the lowest-risk rating of the National Association of Insurance Commissioners.

Last October the company did a $50 million private placement that included $20 million of 5.63% notes due 2013, $10 million of 5.92% notes due Oct. 1, 2015 and $20 million of 6.39% notes due Oct. 1, 2018.

It was the final installment of a $250 million private placement of notes that was part of a $400 million financing deal, which also included a $150 million term loan.

Woodward is a Fort Collins, Colo.-based designer, manufacturer and service provider of energy control and optimization solutions for commercial and military aircraft, turbines, reciprocating engines and electrical power system equipment.

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