New Issue: Aspect Software sells $300 million 10 5/8% seven-year notes at par

By Paul A. Harris

St. Louis, April 30 - Aspect Software, Inc. priced a $300 million issue of seven-year senior second-lien notes (Caa1/B-/) at par to yield 10 5/8% on Friday, according to an informed source.

The yield printed at the wide end of the 10½% area price talk.

Timing of the deal was moved ahead; the transaction had been expected to price early in the May 3 week.

Bank of America Merrill Lynch and J.P. Morgan Securities Inc. were the joint bookrunners.

Co-managers were Goldman Sachs & Co. and Moelis & Co.

Proceeds will be used to refinance the Chelmsford, Mass.-based software and internet technology services firm's existing credit facilities.

Issuer:	Aspect Software, Inc.
Amount:	$300 million
Maturity:	May 15, 2017
Securities:	Senior second-lien notes
Bookrunners:	Bank of America Merrill Lynch, J.P. Morgan Securities Inc.
Co-managers:	Goldman Sachs & Co., Moelis & Co.
Coupon:	10 5/8%
Price:	Par
Yield:	10 5/8%
Spread:	747 bps
Call protection:	Make-whole call at Treasuries plus 50 bps until May 15, 2014, then callable at 105.313, 102.656, par on and after May 15, 2016
Equity clawback:	35% at 110.625 until May 15, 2013
Trade date:	April 30
Settlement date:	May 7
Ratings:	Moody's: Caa1
	Standard & Poor's: B-
Distribution:	Rule 144A with registration rights and regulation S
Price talk:	10½% area
Marketing:	Abbreviated roadshow (originally expected to price early in May 3 week)

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