By Paul A. Harris
Portland, Ore., March 20 - Pactera Technology International Ltd. priced a $275 million issue of seven-year senior secured notes (Ba3/BB-) at par to yield 8% on Thursday, according to a syndicate source.
The yield printed at the tight end of the 8% to 8¼% yield talk.
BofA Merrill Lynch was the lead left bookrunner. Citigroup Global Markets Inc. and HSBC Securities (USA) Inc. were the joint bookrunners.
Proceeds will be used to help fund the acquisition of Pactera by Blackstone.
The issuing entity is BCP (Singapore) VI Cayman Financing Co. Ltd. Following the acquisition, Pactera will be a subsidiary of BCP.
Pactera is a Beijing-based consulting and technology services provider.
| Issuer: | BCP (Singapore) VI Cayman Financing Co. Ltd. (Pactera Technology International Ltd.)
|
| Amount: | $275 million
|
| Maturity: | April 15, 2021
|
| Securities: | Senior secured notes
|
| Left bookrunner: | BofA Merrill Lynch
|
| Joint bookrunners: | Citigroup Global Markets, HSBC Securities (USA) Inc.
|
| Coupon: | 8%
|
| Price: | Par
|
| Yield: | 8%
|
| Spread: | 570 bps
|
| First call: | April 15, 2017 at 106
|
| Trade date: | March 20
|
| Settlement date: | March 27
|
| Ratings: | Moody's: Ba3
|
| Standard & Poor's: BB-
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 8% to 8¼%
|
| Marketing: | Roadshow
|
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