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Columbus McKinnon talks $136 million eight-year notes at 9% area
By Paul A. Harris
St. Louis, Aug. 15 - Columbus McKinnon Corp. talked its approximately $136 million offering of eight-year senior subordinated notes at the 9% area on Monday, according to an informed source.
The offering is expected to price late Tuesday or early Wednesday.
Credit Suisse First Boston has the books for the Rule 144A offering.
The notes come with four years of call protection.
Moody's Investors Service assigned its B3 rating to the notes. Standard & Poor's rates the notes CCC+.
Proceeds, together with available cash, will be used to fund the tender for $142.4 million of the company's 8½% senior subordinated notes due 2008.
Columbus McKinnon is an Amherst, N.Y., designer, manufacturer and marketer of hoists, cranes, chains and forged attachments.
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