By Paul A. Harris
Portland, Ore., Jan. 28 – Rocket Software Inc. priced an upsized $575 million issue of eight-year senior notes (Caa2/CCC+) at par to yield 6˝% on Thursday, according to an informed source.
The issue size increased from $500 million.
The yield printed in the middle of yield talk in the 6˝% area.
Timing was accelerated. When the deal was announced earlier in the week it was expected to remain in the market through Friday.
Bookrunner RBC Capital Markets LLC will bill and deliver.
The Waltham, Mass.-based provider of enterprise infrastructure software plans to use the proceeds to finance an acquisition and to repay existing debt. The additional proceeds resulting from the $75 million upsizing of the deal will be used to pay down the revolver and put cash on the balance sheet.
| Issuer: | Rocket Software Inc.
|
| Amount: | $575 million, increased from $500 million
|
| Maturity: | Feb. 15, 2029
|
| Securities: | Senior notes
|
| Bookrunner: | RBC Capital Markets LLC (bill and deliver)
|
| Coupon: | 6˝%
|
| Price: | Par
|
| Yield: | 6˝%
|
| Call protection: | Three years
|
| Trade date: | Jan. 28
|
| Settlement date: | Feb. 2
|
| Ratings: | Moody’s: Caa2
|
| S&P: CCC+
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 6˝% area
|
| Marketing: | Roadshow
|
|
|
© 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.
