Unifrax starts roadshow for $1.2 billion notes in two tranches

By Paul A. Harris

Portland, Ore., Sept. 8 – ASP Unifrax Holdings, Inc. began a roadshow on Wednesday for a $1.2 billion offering of high-yield notes in two tranches, according to market sources.

The Rule 144A and Regulation S deal includes $700 million of seven-year senior secured notes (B2) with initial guidance in the high-5% area and $500 million of eight-year senior unsecured notes (Caa2) with initial guidance in the 8% area.

The deal is expected to price in the middle part of the Sept. 13 week.

J.P. Morgan Securities LLC is leading the notes offering.

The notes in both tranches come with three years of call protection.

The Buffalo, N.Y.-based specialty metals company is bringing the deal in conjunction with its announced plans to acquire Lydall, Inc.

Proceeds plus an equity contribution from sponsor Clearlake Capital Group, LP and cash on the balance sheet will be used to help fund the merger with Lydall, to repay Lydall's existing $261 million of debt and its $250 million second-lien term loan, to add cash to the balance sheet, for working capital and for other general corporate purposes.

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