Commercial Vehicle Group talks $225 million eight-year secured notes with 8% area yield

By Paul A. Harris

Portland, Ore., April 12 - Commercial Vehicle Group, Inc. talked its $225 million offering of eight-year senior secured notes (B2/B-) with a yield in the 8% area on Tuesday, according to a market source.

The deal is set to price on Wednesday.

Credit Suisse Securities (USA) LLC has the books for the Rule 144A and Regulation S with registration rights deal.

The notes become callable in 2014 at par plus 75% of the coupon. A special call provision allows the issuer to redeem 10% of the notes annually at 103 during the non-call period.

The notes also feature a three-year 35% equity clawback and a 101% poison put.

Proceeds will be used to refinance debt and for general corporate purposes.

The prospective issuer is a New Albany, Ohio-based designer and manufacturer of vehicle cab related products and systems.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.