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Computer Sciences offers upsized $700 million notes in two tranches
By Andrea Heisinger
New York, Sept. 11 - Computer Sciences Corp. launched an upsized $700 million offering of senior notes in two tranches on Tuesday, a syndicate source said.
The deal size was initially $500 million.
The notes (Baa2/BBB/) will be pricing in tranches due 2015 and 2022, with the sale evenly divided between the two maturities.
As of late morning in the New York session, the three-year notes had been talked in the 225 basis points to 250 bps range and launched tighter at 220 bps over Treasuries. The 10-year notes had guidance in the 287.5 bps to 312.5 bps range and were launched tighter at 280 bps over Treasuries.
There is a change-of-control put at 101% on the notes.
Bank of America Merrill Lynch, Barclays and Citigroup Global Markets Inc. are the bookrunners.
Proceeds will be used to redeem a portion of 5.5% notes due in 2013 and all or a portion of 5% notes due in 2013.
The information technology company is based in Falls Church, Va.
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