Aerospace and defence products manufacturer Alliant Techsystems (ATK) has raised US$300m in a senior unsecured bond offering.
The notes, which are due October 2021 and rated B+/Ba3, priced at par to yield 5.25%. BoA Merrill Lynch, Bank of…
Aerospace and defence products manufacturer Alliant Techsystems (ATK) has raised US$300m in a senior unsecured bond offering.
The notes, which are due October 2021 and rated B+/Ba3, priced at par to yield 5.25%. BoA Merrill Lynch, Bank of Tokyo-Mitsubishi, RBC Capital Markets, Sun Trust Robinson Humphrey, US Bank and Wells Fargo were joint bookrunners on the transaction.
The issuance is part of a larger financing being carried out by ATK in order to fund its recent US$985m acquisition of gun accessories company Bushnell Group Holdings. Remaining proceeds will be used to refinance its existing senior term loan and revolving credit facilities.
The bulk of the new financing takes the form of a new US$1.96bn loan facility, comprising a US$1.01bn term loan A, US$250m term loan B and a US$700m revolving credit facility. The debt is currently in syndication.
ATK stated that it has also received commitments from several affiliates of the initial purchasers of the 5.25% notes with respect to the new senior secured term loan facilities. The purchasers have committed to purchase up to US$500m of the new term loan A and US$400m of the term loan B.
