By Paul A. Harris
Portland, Ore., July 15 – Ipreo Holdings LLC priced a downsized $185 million issue of eight-year senior notes (Caa2/CCC+/) at par to yield 7¼% on Tuesday, according to a syndicate source.
The deal was downsized from $200 million.
The yield printed at the wide end of the 7% to 7¼% yield talk.
BofA Merrill Lynch, Goldman Sachs & Co., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Morgan Stanley & Co. LLC and RBC Capital Markets LLC were the joint bookrunners.
Proceeds will be used to help fund the buyout of the company by Blackstone and Goldman Sachs Merchant Banking Division from Kohlberg Kravis Roberts & Co. LP.
Ipreo is a New York-based provider of new issuance software solutions across the equity, fixed income, municipal and syndicated loan markets.
| Issuers: | Infinity Acquisition, LLC and Infinity Acquisition Finance Corp. (Ipreo Holdings LLC)
|
| Amount: | $185 million, decreased from $200 million
|
| Maturity: | Aug. 1, 2022
|
| Securities: | Senior notes
|
| Bookrunners: | BofA Merrill Lynch, Goldman Sachs & Co., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Morgan Stanley & Co. LLC, RBC Capital Markets LLC
|
| Co-managers: | Blackstone Advisory Partners LP, KKR Capital Markets LLC, MCS Capital Markets LLC
|
| Coupon: | 7¼%
|
| Price: | Par
|
| Yield: | 7¼%
|
| Spread: | 481 bps
|
| First call: | Aug. 1, 2017 at 103.625
|
| Trade date: | July 15
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| Settlement date: | Aug. 1
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| Ratings: | Moody's: Caa2
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| Standard & Poor's: CCC+
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 7% to 7¼%
|
| Marketing: | Roadshow
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