Oregon Tool markets $350 million eight-year notes via JPMorgan; guidance high-6% area

By Paul A. Harris

Portland, Ore., Sept. 27 – Oregon Tool is on the high-yield road with a $350 million offering of eight-year notes backing Platinum Equity's acquisition of the company, according to a market source.

Initial guidance is in the high 6% area.

The deal is expected to price before the end of the week.

J.P. Morgan Securities LLC is the lead.

The notes come with three years of call protection.

Proceeds plus a term loan and sponsor equity will be used to fund Platinum Equity's acquisition of the Portland Ore.-based cutting tool manufacturer from American Securities and P2 Capital Partners.

Prior to changing its name earlier this year the company was known as Blount International.

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