Veritas plans investor call, roadshow for $2.28 billion equivalent four-part notes offering

By Paul A. Harris

Portland, Ore., Nov. 3 – Veritas Technologies LLC outlined a $2,275,000,000 equivalent four-part offering of high-yield notes on Tuesday, according to a syndicate source.

The deal includes $500 million equivalent of seven-year senior secured notes (B1/B+) coming in dollar- and euro-denominated tranches and $1,775,000,000 equivalent of eight-year senior unsecured notes (Caa1/CCC+) also coming in dollar- and euro-denominated tranches.

Tranche sizes remain to be determined.

A New York group lunch and investor conference call are set to get underway at 12:30 p.m. ET on Friday.

An investor group breakfast in Boston is scheduled for 8 a.m. ET on Nov. 10.

The Rule 144A for life and Regulation S deal is set to price during the Nov. 9 week.

Morgan Stanley & Co. LLC, BofA Merrill Lynch, UBS Investment Bank, Jefferies LLC, Citigroup Global Markets Inc. and Goldman Sachs & Co. are the joint bookrunners.

The notes in both tranches come with three years of call protection.

Proceeds will be used to help fund the buyout of Veritas Technologies LLC by the Carlyle Group from Symantec Corp.

The issuing entities will be Veritas Bermuda Ltd. and Veritas US Inc.

Veritas is a Mountain View, Calif.-based provider of storage and server management software solutions.

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