Lender Processing sets talk for downsized, restructured $375 million eight-year notes

By Paul A. Harris

St. Louis, June 17 - Lender Processing Services downsized to $375 million from $400 million its offering of eight-year senior notes (Ba2/BB+), according to an informed source.

Price talk was set at the 8¼% area.

To compensate for the reduced size of the offering, the company increased its term loan B to $510 million from $485 million.

Meanwhile the call protection on the notes was decreased to three years from four years. The notes will become callable in three years at par plus three-fourths of the coupon.

The Rule 144A with registration rights deal is expected to price on Wednesday.

J.P. Morgan Securities Inc., Banc of America Securities LLC and Wachovia Securities are joint bookrunners.

Proceeds will be used to help fund the tax-free spinoff of the company from Fidelity National Information Services Inc.

The company provides outsourced information services to mortgage lenders.

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