Conduent starts roadshow for $520 million eight-year secured notes; initial talk 6% area

By Paul A. Harris

Portland, Ore., Oct. 5 – Conduent Business Services, LLC in conjunction with Conduent State & Local Solutions, Inc. began marketing a $520 million offering of eight-year senior secured notes (expected ratings B1/BB-) on Tuesday, market sources said.

The deal, which was set to kick off on a Tuesday conference call with investors, is in the market with initial guidance in the 6% area.

A brief roadshow will follow, and the Rule 144A and Regulation S for life deal is expected to price on Thursday.

Citigroup Global Markets Inc. is the left bookrunner. BofA Securities Inc., Capital One Securities Inc., Citizens Capital Markets Inc., Fifth Third Securities Inc., HSBC Securities (USA) Inc., KeyBanc Capital Markets Inc., Mizuho Securities USA Inc., MUFG, Santander Investment Securities Inc., Truist Securities Inc., U.S. Bancorp Investments Inc. and Wells Fargo Securities LLC are the joint bookrunners.

The notes become callable after three years at par plus 50% of the coupon.

The New York City-based provider of outsourcing services plans to use the proceeds to refinance its credit facilities.

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