Allen Systems eyes mid-week pricing of $300 million secured notes

By Paul A. Harris

St. Louis, Nov. 5 - Allen Systems Group Inc. intends to price a $300 million offering of six-year senior secured second-lien notes on Wednesday or Thursday, according to a market source.

Early guidance on the deal is 10% to 10½%.

Bank of America Merrill Lynch has the books for the Rule 144A for life offering.

The notes, which come with three years of call protection, are expected to garner credit ratings in the low single B range, the source said.

The Naples, Fla.-based enterprise software provider plans to use the proceeds to refinance debt and to fund a dividend.

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