CTP Transportation talks $250 million six-year secured notes to yield in 8 3/8% area

By Paul A. Harris

Portland, Ore., Dec. 11 - CTP Transportation Products, LLC and CTP Finance Inc. talked their $250 million offering of six-year senior secured notes (B2/B+) to price with a yield in the 8 3/8% area, an informed source said on Wednesday.

Books close at 4 p.m. ET on Thursday, and the deal is set to price on Friday morning.

SunTrust Robinson Humphrey Inc. is the left bookrunner. Credit Suisse Securities (USA) LLC is the joint bookrunner.

The Rule 144A for life notes become callable after three years at par plus 50% of the coupon.

Proceeds will be used to fund the acquisition of the company by American Industrial Partners from Carlisle Cos. Inc.

CTP Transportation is a Franklin, Tenn.-based manufacturer of specialty tires, wheels and power transmission belts.

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