New Issue: Infor (US) prices $600 million tap of 6½% notes due 2022 at 102.25

By Paul A. Harris

Portland, Ore., April 9 – Infor (US), Inc. priced a $600 million add-on to its 6½% senior notes due May 15, 2022 (B3/B-) at 102.25 to yield 5.974% on Thursday, according to a syndicate source.

The reoffer price came at the rich end of the 102 to 102.25 price talk.

BofA Merrill Lynch was the left bookrunner.

Angel Island, Credit Suisse Securities (USA) LLC, Morgan Stanley & Co. LLC, Barclays, RBC Capital Markets, Deutsche Bank Securities Inc., Goldman Sachs & Co. and KKR were the joint bookrunners.

The Alpharetta, Ga.-based provider of enterprise software and services plans to use the proceeds to repay all of its $560 million 11½% senior notes due 2018.

Issuer:	Infor (US), Inc.
Amount:	$600 million
Maturity:	May 15, 2022
Security description:	Add-on to 6½% senior notes due May 15, 2022
Left bookrunner:	BofA Merrill Lynch
Joint bookrunners:	Angel Island, Credit Suisse Securities (USA) LLC, Morgan Stanley & Co. LLC, Barclays, RBC Capital Markets, Deutsche Bank Securities Inc., Goldman Sachs & Co., KKR
Co-manager:	Citigroup Global Markets Inc.
Coupon:	6½%
Price:	102.25
Yield to worst:	5.974%
Spread:	437 bps
First call:	May 15, 2018 at 103.25
Trade date:	April 9
Settlement date:	April 23 with accrued interest
Ratings:	Moody's: B3
	Standard & Poor's: B-
Distribution:	Rule 144A with registration rights
Price talk:	102 to 102.25
Marketing:	Quick to market
Original issue:	$1.03 billion priced at par on March 18, 2015
Total issue size:	$1.63 billion

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