Husky Injection starts roadshow for $1.3 billion five-year secured notes; pricing Jan. 29 week

By Paul A. Harris

Portland, Ore., Jan. 22 – Husky Injection Molding Systems Ltd. and Titan Co Borrower, LLC plan to market a $1.3 billion offering of senior secured notes due 2029 on a roadshow set to run through Friday, according to a syndicate source.

An investor call is scheduled at 10 a.m. ET on Thursday.

The deal is set to price during the week of Jan. 29.

The Rule 144A and Regulation S for life five-year notes become subject to an initial call after two years at par plus 50% 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 40% equity clawback at par plus full coupon during the non-call period, and a 101% poison put.

BofA Securities, Deutsche Bank, Barclays, BMO, Goldman Sachs, NBC and TD are the joint bookrunners.

Proceeds plus a new $1.3 billion term loan B and new preferred equity will be used to redeem all outstanding senior notes due 2026 and all outstanding senior PIK notes due 2025 and to repay outstanding borrowings credit facilities.

The prospective issuer is a Bolton, Ont.-based supplier of injection molding equipment and services to the plastics industry.

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