Park-Ohio to price $250 million 10-year notes offering on Thursday

By Paul A. Harris

Portland, Ore., March 30 - Park-Ohio Industries, Inc. is reviving a deal that was sidelined by the capital markets volatility that trailed in the wake of the March 11 natural disasters that struck Japan, an informed source said on Wednesday.

Price talk on the $250 million offering of 10-year senior subordinated notes (B3/CCC+/) remains at the 8% area, where it was set on March 14.

The deal is set to price on Thursday.

Barclays Capital Inc. and J.P. Morgan Securities LLC are the joint bookrunners for the Rule 144A and Regulation S with registration rights offering.

KeyBanc Capital Markets is the joint lead manager. Friedman Billings Ramsay and Morgan Joseph are the co-managers.

The notes, which will feature standard high-yield covenants, come with five years of call protection.

The Cleveland-based provider of supply chain logistics services plans to use the proceeds to fund the tender offer for its 8 3/8% senior subordinated notes due 2014, to repay borrowings under its term loan A and term loan B 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.