Cummins $200 million eight-year notes talked at 9½%-9¾%, pricing Friday afternoon

By Paul A. Harris

St. Louis, Nov. 13 - Cummins Inc.'s planned $200 million of eight-year senior notes (Ba2/BB+/BB-) are talked at a yield of 9½%-9¾%, according to a syndicate source.

The deal is expected to price Friday afternoon, the source added.

Salomon Smith Barney and JP Morgan are joint bookrunners. Banc of America Securities is joint lead. Scotia Capital, BNY Securities and RBS are co-managers.

The Rule 144A notes are non-callable for four years.

Proceeds will be used to repay the revolver and other short-term debt, and for general corporate purposes.

The issuer is a Columbus, Ind. engine maker.

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