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Chassix PIK-toggle bonds (CCC/Caa3) price at 98 to yield 10.53%

Chassix this afternoon completed a PIK-toggle dividend deal via joint bookrunners Bank of America and BMO, according to sources. Terms on the CCC/Caa3 transaction were finalized at the middle of talk after a $25 million upsizing, to $150 million. Troy, Mich.-based Chassix supplies engineered chassis and powertrain components to automotive OEMs and Tier 1 suppliers. The company was sold to Platinum Equity from Carlyle Group in late 2011 and later changed its name from Diversified Machine in April 2013.

Terms:

Issuer Chassix
Ratings CCC/Caa3
Amount $150 million
Issue senior PIK-toggle notes (144A for life)
Coupon 10% cash/10.75% in kind
Price 98
Yield 10.53%
Spread T+908
FRN eq. L+899
Maturity Dec. 15, 2018
Call nc1.75 @ 103
Trade Dec. 10, 2013
Settle Dec. 13, 2013 (t+3)
Books BAML/BMO
Px talk 10% @ 98
Notes upsized by $25 million; calls: Aug. 2, 2015 @ 103; Aug. 1, 2016 @101.5; Aug. 1, 2017 @ par.