Informatica talks downsized $650 million eight-year notes to yield in 7¼% area, allocating Tuesday

By Paul A. Harris

Portland, Ore., June 1 – Informatica Corp. downsized its offering of eight-year senior notes (Caa2/CCC+) to $650 million from $750 million and upsized the term loan to $1,705,000,000 from $1,605,000,000, according to a market source.

The notes were talked to price with a yield in the 7¼% area.

The notes are set to allocate on Tuesday.

Goldman Sachs & Co. is the left bookrunner. BofA Merrill Lynch, Credit Suisse Securities (USA) LLC, Macquarie Capital, Morgan Stanley & Co. LLC, Nomura, RBC Capital Markets and Deutsche Bank Securities Inc. are the joint bookrunners.

The notes become callable after three years at par plus 50% of the coupon.

Proceeds will be used to help fund the buyout of the Redwood City, Calif.-based provider of enterprise data integration software by Permira funds and Canada Pension Plan Investment Board.

The initial issuing entity will be Italics Merger Sub Inc., which, upon completion of the acquisition, will become Informatica.

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