MSX talks $200 million units at 99-99.5 with coupon at 12¼% to 12½%, pricing Thursday

By Michelle Anderson

Rochester, N.H., March 21 - MSX International Inc.'s $200 million offering of note units (B2/CCC+) will price late Thursday afternoon, according to an informed source.

Price talk is set at 99 to 99.5 with the coupon of 12¼% to 12½%.

The offering is comprised of 200,000 units with par value of $1,000 each, which will consist of $350 of MSX International UK plc five-year senior secured notes, $325 of MSX International Business Services France, SAS five-year senior secured notes and $325 of MSX International GmbH five-year senior secured notes.

The roadshow is scheduled to conclude on March 22.

Jefferies & Co. is leading the Rule 144A and Regulation S offering.

All of the notes come with two years of call protection and a two-year 35% equity clawback.

Unless a separation occurs, bondholders will not be able to separately transfer the notes of each issuer.

Proceeds will be used to repay debt.

The prospective issuers are indirect wholly owned subsidiaries of MSX International, a Warren, Mich.-based provider of outsourced services to the automotive industry.

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