Harsco talks $250 million five-year senior notes to yield 6%-6¼%; pricing Thursday

By Paul A. Harris

Portland, Ore., June 3 – Harsco Corp. talked its $250 million offering of five-year senior notes (Ba1/BB/BBB-) to yield 6% to 6¼%, according to a syndicate source.

Books closed late Wednesday, and the deal is set to price mid-morning Thursday, New York time.

Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, HSBC Bank, J.P. Morgan Securities LLC, MUFG, RBC Capital Markets and U.S. Bancorp Investments Inc. are the joint bookrunners.

ING is the senior co-manager. Fifth Third Bank and PNC Capital Markets are the co-managers.

The notes become callable after two years at par plus 50% of the coupon and feature a 101% poison put.

The securities feature an investment-grade covenant package that is substantially similar to the company’s existing notes.

The Camp Hill, Pa.-based industrial services and engineered products company plans to use the proceeds to fund the concurrent tender for its senior notes due 2015, with any remaining proceeds to be used to repay revolver debt and for general corporate purposes.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.