EnTrans talks $250 million six-year secured notes at discount to yield 8¾%-9%; pricing Friday

By Paul A. Harris

Portland, Ore., Nov. 20 – EnTrans International, LLC and EnTrans International Finance Corp. talked their $250 million offering of six-year senior secured notes (B2/B) to yield 8¾% to 9%, including an original issue discount, according to an informed source.

Books close at l p.m. ET on Friday, and the Rule 144A and Regulation S for life deal is scheduled to price thereafter.

Credit Suisse Securities (USA) LLC is the bookrunner.

The notes become callable after three years at par plus 50% of the coupon and feature a three-year 40% equity clawback and a 101% poison put.

The Cleveland, Tenn.-based manufacturer of tanker trailers and industrial equipment plans to use the proceeds to refinance debt.

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