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Tempo Acquisition sets roadshow for $730 million notes backing purchase of Aon asset
By Paul A. Harris
Portland, Ore., April 13 – Tempo Acquisition LLC (unsecured ratings Caa1/CCC+) plans to start a roadshow on Monday in Los Angeles for a $730 million offering of eight-year senior notes, according to a market source.
Proceeds are being used to finance Blackstone Group LP's acquisition of Aon plc's technology-enabled benefits and human resources platform, which is part of Aon Hewitt.
The roadshow moves to New York City on Tuesday and to Boston on Wednesday, and the Rule 144A and Regulation S for life deal is set to price thereafter.
Barclays is the left bookrunner. BofA Merrill Lynch, Credit Suisse Securities (USA) LLC, Citigroup Global Markets Inc., Macquarie Capital, Morgan Stanley & Co. LLC, Deutsche Bank Securities Inc., Goldman Sachs & Co., RBC Capital Markets and CIBC World Markets are the joint bookruners. Blackstone is the 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.
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