By Paul A. Harris
Portland, Ore., March 14 - Belden Inc. priced an upsized €300 million issue of 10-year senior subordinated notes (Ba2/B+/) at par to yield 5½% on Thursday, according to a market source.
The deal was upsized from €200 million.
The yield printed at the tight end of the 5½% to 5¾% yield talk.
Joint bookrunner Deutsche Bank Securities Inc. will bill and deliver. Goldman Sachs & Co., J.P. Morgan Securities LLC and Wells Fargo Securities LLC were also joint bookrunners.
Proceeds will be used to repay revolver debt and for general corporate purposes.
St. Louis-based Belden is a provider of signal transmission solutions for mission critical applications.
| Issuer: | Belden Inc.
|
| Amount: | €300 million, increased from €200 million
|
| Maturity: | April 15, 2023
|
| Securities: | Senior subordinated notes
|
| Bill and deliver: | Deutsche Bank Securities Inc.
|
| Bookrunners: | Deutsche Bank, Goldman Sachs & Co., J.P. Morgan Securities LLC, Wells Fargo Securities LLC
|
| Co-manager: | Stephens Inc.
|
| Coupon: | 5½%
|
| Price: | Par
|
| Yield: | 5½%
|
| Spread: | 402 bps
|
| First call: | Make-whole call at Bunds plus 50 bps until April 15, 2018, then callable at 102.75
|
| Trade date: | March 14
|
| Settlement date: | March 21
|
| Ratings: | Moody's: Ba2
|
| Standard & Poor's: B+
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 5½% to 5¾%
|
| Marketing: | Roadshow
|
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