New Issue: Lender Processing prices $600 million 5¾% 10.5-year notes at par

By Paul A. Harris

Portland, Ore., Sept. 28 - Lender Processing Services, Inc. priced a $600 million issue of 10.5-year senior notes (Ba2/BB+/) at par to yield 5¾% on Friday, according to a syndicate source.

The yield printed on top of yield talk.

Wells Fargo Securities LLC was the left bookrunner for the quick-to-market deal.

J.P. Morgan Securities LLC, Bank of America Merrill Lynch, SunTrust Robinson Humphrey, US Bancorp and Goldman Sachs & Co. were the joint bookrunners.

Proceeds will be used to repurchase the company's 8 1/8% senior notes due 2016 and to repay its term loan B.

The issuer is a provider of technology and transaction services to the mortgage lending industry and is based in Jacksonville, Fla.

Issuer:	Lender Processing Services, Inc.
Amount:	$600 million
Maturity:	April 15, 2023
Securities:	Senior notes
Left bookrunner:	Wells Fargo Securities LLC
Joint bookrunners:	J.P. Morgan Securities LLC, Bank of America Merrill Lynch, SunTrust Robinson Humphrey, US Bancorp, Goldman Sachs & Co.
Coupon:	5¾%
Price:	Par
Yield:	5¾%
Spread:	412 bps
Call features:	Callable on Oct. 15, 2017 at 102.875, 101.917, 100.958, par on and after Oct. 15, 2020
Equity clawback:	35% at 105.75 until Oct. 15, 2015
Trade date:	Sept. 28
Settlement date:	Oct. 12
Ratings:	Moody's: Ba2
	Standard & Poor's: BB+
Distribution:	SEC registered
Price talk:	5¾% area
Marketing:	Quick to market

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