Ceridian redeems $475 million 11% senior notes due 2021

By Wendy Van Sickle

Columbus, Ohio, April 30 – Ceridian HCM Holding Inc. redeemed its $475 million of outstanding senior notes due 2021 with some proceeds of its initial public offering of common stock, which resulted in gross proceeds of $531.3 million, and a concurrent $100 million private placement, according to a Monday press release.

Ceridian said it also used some proceeds of the IPO and placement to pay a portion of the interest on the notes that accrued to the redemption date.

The company also refinanced its $680 million term loan and $300 million revolving credit facility.

Ceridian is a Minneapolis-based provider of human resources software and services.

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