Oshkosk Trucks In $500M Bond Offering
February 23, 2010
Oshkosh hopes investors will pony up $500 million for two tranches of high yield bonds this week. The Oshkosh, Wis.-based vehicle producer on Monday announced plans to sell the bonds to refinance existing senior secured debt.
The deal consists of a tranche of senior notes due 2017 and a tranche of senior notes due 2020. Lead underwriter Bank of America Merrill Lynch is kicking off a road show today that should conclude Friday with pricing. Moody's Investors Service rated the proposed notes B3.
The company has a $550 million revolver due 2011, a $500 million term loan A due 2011 and a $2.6 billion term loan B due 2013.
Oshkosh makes special vehicles for commercial, fire/emergency and military uses.
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