By Paul A. Harris
Portland, Ore., June 27 – Belden Inc. launched and priced an upsized €450 million issue of 10-year senior subordinated notes (Ba3/BB-) at par to yield 3 3/8%, according to a market source.
The amount was increased from €400 million.
The yield printed tight to the 3˝% yield talk.
Deutsche Bank, JP Morgan and Wells Fargo managed the sale.
Proceeds, along with cash on hand if necessary, will be used to fund a concurrent tender offer for any and all of Belden’s 5˝% senior subordinated notes due 2022. Any remaining proceeds will be used for general corporate purposes.
The St. Louis-based company provides network infrastructure services to industrial, enterprise and broadcast markets.
| Issuer: | Belden Inc.
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| Amount: | €450 million, increased from €400 million
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| Tenor: | 10 years
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| Securities: | Senior subordinated notes
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| Managers: | Deutsche Bank, JP Morgan, Wells Fargo
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| Coupon: | 3 3/8%
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| Price: | Par
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| Yield: | 3 3/8%
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| Call protection: | Five years
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| Trade date: | June 27
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| Settlement date: | July 6
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| Ratings: | Moody’s: Ba3
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| S&P: BB-
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| Distribution: | Rule 144A and Regulation S
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| Price talk: | 3 ½%
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| Marketing: | Quick to market
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