Harland Clarke to sell $300 million notes in amend-and-extend deal

By Paul A. Harris and Sara Rosenberg

Portland, Ore., May 1 - Harland Clarke Holdings Corp. plans to sell $300 million of senior secured notes as part of an effort to amend its senior secured term loan and extend it by three years, according to an 8-K document filed with the Securities and Exchange Commission.

The amendment and extension, via Credit Suisse Securities (USA) LLC, launched on Tuesday. Commitments from lenders are due May 7.

The company is targeting an extended term loan tranche of $1 billion, leaving $719 million of non-extended term loan debt, and a minimum term loan extension of 50%.

With the extension, the company is offering a 30% pay down to extending term loan lenders from proceeds from the new notes. The targeted $1 billion size is before the paydown.

Harland Clarke is a San Antonio-based provider of integrated payment, marketing and security services and retail products.

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