Evertec to price $40 million tap of 11% notes due 2018 on Tuesday

By Paul A. Harris

Portland, Ore., April 30 - Evertec, LLC and Evertec Finance Corp. plan to price a $40 million add-on to their 11% senior notes due Oct. 1, 2018 (existing ratings Caa1/B-) on Tuesday, according to a syndicate source.

Bank of America Merrill Lynch is the lead left bookrunner. Morgan Stanley & Co. LLC is the joint bookrunner.

Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs & Co. and UBS Investment Bank are the co-managers.

The Rule 144A with registration rights notes become callable on Oct. 1, 2014 at 105.5. The add-on notes will be fungible upon registration.

Proceeds, together with the proceeds from the credit agreement transactions and available cash on hand, will be used to pay a cash dividend to the direct parent company, Carib Holdings, which in turn will ultimately be paid as a cash dividend to the stockholders of the indirect parent company, Carib Inc.

Evertec is a San Juan, Puerto Rico-based provider of transaction processing, payment processing, merchant acquiring and other related services in Puerto Rico and certain countries within the Caribbean and Central and Latin America.

The original $220 million issue priced at par in September 2010.

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