BIS talks $250 million five-year PIK notes at discount with 11¼%-11½% coupon; pricing Thursday

By Paul A. Harris

Portland, Ore., March 13 - Artsonig Pty Ltd., the indirect owner of BIS Industries Ltd., has talked a $250 million offering of five-year pay-in-kind toggle notes (Caa1/CCC+) at 98 to 98.5, with a cash coupon of 11¼% to 11½%, according to a market source.

The PIK coupon step-up is 50 basis points.

The deal is set to price Thursday.

Goldman Sachs & Co., BofA Merrill Lynch, KKR Capital Markets and UBS Investment Bank are managing the sale.

The Rule 144A for life become callable after two years at 102.

The Sidney, Australia-based mining services company plans to use the proceeds to repay its existing PIK notes.

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