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Grinding Media talks $725 million notes at 7½% to 7¾%, pricing Friday
By Paul A. Harris
Portland, Ore., Dec. 1 – Grinding Media Inc. and MC Grinding Media (Canada) Inc. plan to price a $725 million offering of seven-year senior secured notes (B) backing the acquisition of Moly-Cop by American Industrial Partners on Friday, according to an informed source.
The notes are talked to yield 7½% to 7¾%.
Books were scheduled to close late Thursday except for West Coast accounts with meetings.
Morgan Stanley & Co. LLC, Jefferies & Co., Deutsche Bank Securities Inc. and UBS Investment Bank are the joint bookrunners for the Rule 144A and Regulation S for life offering.
The notes come with three years of call protection.
On Nov. 4, 2016 Arrium signed a share sale agreement with American Industrial Partners, a private equity firm, for the sale of all the entities that make up the Moly-Cop business, according to a Moly-Cop news release which appeared in late October. Under the terms of the agreement the total enterprise value of the Moly-Cop business is $1.23 billion.
The sale is expected to close in early 2017.
Moly-Cop is based in Kansas City, Kan.
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