Oct. 20 (Bloomberg) -- Headwaters Inc., the South Jordan, Utah-based alternative fuels company, is planning to sell debt as yields on speculative-grade debt narrowed to the tightest in 15 months relative to benchmark rates. Headwaters is selling $280 million of five-year notes that may price to yield about 11.75 percent, according to a person familiar with the transaction, who declined to be identified because terms arenât set. Yields on junk bonds narrowed 2 basis points relative to similar-maturity Treasuries to 767 basis points yesterday, the tightest since July 25, 2008, according to Merrill Lynchâs U.S. High Yield Master II index. A basis point is 0.01 percentage point. The Federal Reserve signaled yesterday it will keep borrowing costs down while assessing a way to drain the record amount of cash it has added to the financial system.
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