Ceridian talks $720 million seven-year notes with 9% area yield

By Paul A. Harris

Portland, Ore., June 27 - Ceridian Corp. talked its $720 million offering of seven-year senior secured notes (B1/B-) with a yield in the 9% area, market sources said on Wednesday.

The deal is set to price late in the present week.

Deutsche Bank Securities Inc., Credit Suisse Securities (USA) LLC and Bank of America Merrill Lynch are the leads.

The Rule 144A for life notes come with three years of call protection.

Proceeds will be used to pay down a portion of the company's extended term loans. Ceridian has extended roughly $1.8 billion of its term loan by 2½ years to May 2017.

Ceridian is a Minneapolis-based provider of human resources, transportation and retail information management services.

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