Infor starts roadshow for $1.4 billion equivalent two-part notes offering for debt refinancing

By Paul A. Harris

Portland, Ore., March 16 – Infor (US), Inc. started a roadshow on Monday for a $1.4 billion equivalent two-part offering of seven-year senior notes (existing ratings Caa1/B-), according to a market source.

The roadshow wraps up Wednesday, and the Rule 144A and Regulation S with registration rights deal is set to price thereafter.

The offer is coming in tranches of dollar- and euro-denominated notes.

BofA Merrill Lynch is the left bookrunner. Angel Island, Credit Suisse, Morgan Stanley, Barclays, RBC Capital Markets, Deutsche Bank, Goldman Sachs and KKR are the joint bookrunners. Citigroup is a co-manager.

The notes become callable after three years at par plus 50% of the coupon and feature a three-year 40% equity clawback and a 101% poison put.

The Alpharetta, Ga.-based provider of enterprise software and services plans to use the proceeds, together with cash on hand, to repay all of the outstanding $1,015,000,000 9 3/8% senior notes due 2019 and €250 million 10% senior notes due 2019.

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