China's Pactera buyout to be funded partly with $275 million notes; roadshow starts Thursday

By Paul A. Harris

Portland, Ore., March 12 - Pactera Technology International Ltd.'s buyout by the Blackstone Group will include funding from a $275 million offering of seven-year senior notes (expected Ba3), which will undergo marketing on a roadshow set to start Thursday in Hong Kong, according to a syndicate source.

The roadshow moves to Singapore on Friday, to London on Monday and to New York on Tuesday.

The subsequent roadshow schedule includes New Jersey and Boston on March 19 and the West Coast of the United States on March 20.

BofA Merrill Lynch is the lead left bookrunner for the Rule 144A and Regulation S offering. Citigroup Global Markets Inc. and HSBC are the joint bookrunners.

The notes come with three years of call protection. However a special call provision allows the issuer to redeem 10% of the notes annually at 103 during the non-call period.

The notes also feature a three-year 40% equity clawback.

Proceeds will be used to help fund the acquisition of Pactera by Blackstone.

The issuing entity will be BCP (Singapore) VI Cayman Financing Co. Ltd. Following the acquisition Pactera will be a subsidiary of BCP.

Pactera is Beijing-based consulting and technology services provider.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.