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Infor sets price talk in $1.4 billion equivalent dual-currency seven-year notes offering
By Paul A. Harris
Portland, Ore., March 17 – Infor (US), Inc. set price talk in its $1.4 billion equivalent two-part offering of seven-year senior notes (B3/B-) on Tuesday, according to a market source.
The dollar-denominated notes are talked to yield 6¼% to 6½%.
The euro-denominated notes are talked to yield 5½% to 5¾%.
The Rule 144A and Regulation S with registration rights deal is expected to price on Wednesday.
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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