New Issue: Actuant sells $250 million 10-year notes to yield 6.93%

By Paul A. Harris

St. Louis, June 6 - Actuant Corp. priced a $250 million issue of 6 7/8% 10-year senior notes (Ba2/BB-) at 99.607 to yield 6.93% on Wednesday, according to an informed source.

The yield came 5.5 basis points above the mid-point of the 6 7/8% area price talk.

Banc of America Securities LLC ran the books for the notes, which were issued via Rule 144A with registration rights and via Regulation S. Wachovia Securities was the joint lead manager. BMO Nesbitt Burns and RBC Capital Markets were co-managers.

The Glendale, Wis., industrial equipment manufacturer will use the proceeds to repay bank debt.

Issuer:	Actuant Corp.
Face amount:	$250 million
Proceeds:	$249 million (approximate)
Maturity:	June 15, 2017
Bookrunner:	Banc of America Securities LLC
Joint lead manager:	Wachovia Securities
Co-managers:	BMO Nesbitt Burns, RBC Capital Markets
Coupon:	6 7/8%
Price:	99.607
Yield:	6.93%
Spread:	195 bps
Call features:	Make-whole until June 15, 2012, then callable at 103.438, 102.292, 101.146, par on and after June 15, 2015
Equity clawback:	Until June 15, 2010 for 35% at 106.875
Trade date:	June 6
Settlement date:	June 12
Ratings:	Moody's: Ba2
	Standard & Poor's: BB-
Distribution:	Rule 144A with registration rights/Regulation S
Price talk:	6 7/8% area

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