Conduent withdraws $750 million term loan B from market

By Sara Rosenberg

New York, May 27 – Conduent pulled its $750 million seven-year term loan B (B1/BB-) from market, saying in an 8-K filed with the Securities and Exchange Commission that it is postponing refinancing efforts in order to pursue a more optimal outcome at a later time.

The term loan was talked at Libor plus 400 basis points to 425 bps with a 0.5% Libor floor and an original issue discount of 99 to 99.5. Talk on the term loan had been increased from a range of Libor plus 350 bps to 375 bps on Wednesday.

The company was also planning on getting a $550 million revolving credit facility.

BofA Securities Inc., Citigroup Global Markets Inc., Mizuho, MUFG, Truist and Wells Fargo Securities LLC were the leads on the deal.

Proceeds were going to be used with $750 million of senior secured notes to refinance a term loan due 2022, a term loan due 2023 and a revolver.

Conduent is a provider of business process services.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.