New Issue: Dresser-Rand prices $375 million 10-year notes at par to yield 6½%

By Paul A. Harris

Portland, Ore., March 10 - Dresser-Rand Group Inc. priced a $375 million issue of 10-year senior subordinated notes (B1/B+/) at par to yield 6½% on Thursday, according to an informed source.

The yield printed on top of the price talk.

UBS Investment Bank was the left lead bookrunner for the quick-to-market issue. Goldman Sachs & Co. was the joint bookrunner.

Proceeds, together with cash on hand, will be used to fund the tender offer for the company's 2014 notes and to redeem the notes that are not purchased in the tender.

Dresser-Rand is a Houston-based supplier of high-speed rotating equipment and services.

Issuer:	Dresser-Rand Group Inc.
Amount:	$375 million
Maturity:	May 1, 2021
Securities:	Senior subordinated notes
Left bookrunner:	UBS Investment Bank
Joint bookrunner:	Goldman Sachs & Co.
Co-managers:	DNB NOR Markets, Commerz Markets, Santander
Coupon:	6½%
Price:	Par
Yield:	6½%
Spread:	306.2 bps
Call features:	Callable on May 1, 2016 at 103.25, 101.625, 100.813, par on and after May 1, 2019
Trade date:	March 10
Settlement date:	March 22
Ratings:	Moody's: B1
	Standard & Poor's: B
Distribution:	Rule 144A and Regulation S
Price talk:	6½% area
Marketing:	Quick to market

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