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Exide Raises $675M In Bond Sale

Exide Technologies has raised a total of $675 million in a sale of senior secured notes.

Exide Technologies has raised a total of $675 million in a sale of senior secured notes. The U.S. lead-acid batteries producer may use the proceeds to repay outstanding borrowings under its existing credit facilities, to fund tender offer and consent solicitation, of its outstanding 10.5% senior notes due 2013 and for other general corporate purposes.

The bonds, which carry a coupon rate of 8.62%, will mature on Feb. 1, 2018. The joint book-running managers for the sale were Deutsche Bank, Wells Fargo and Morgan Stanley, adds The Wall Street Journal.

Click here for the release from Exide.

Click here for additional coverage from The Wall Street Journal.

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