TransUnion Holding solicits consents for 9 5/8%/10 3/8% toggle notes

By Jennifer Chiou

New York, Oct. 16 - TransUnion Holding Co., Inc. announced the start of a consent solicitation for its $600 million of 9 5/8%/10 3/8% senior PIK toggle notes due 2018.

The solicitation will expire at 5 p.m. ET on Oct. 23.

The company is asking holders to approve amendments to the note indenture in order to allow it to issue new senior unsecured PIK toggle notes in a private placement under Rule 144A and Regulation S and to make a one-time dividend or other distribution as a return of capital to its shareholders with the proceeds of the proposed offering.

TransUnion is also looking for consent to change the limitation on restricted payments covenant to reduce the amount of other dividends, share repurchases and certain other payments it may make.

And, if prior to June 15, 2015, the notes are rated Caa1 or lower by Moody's Investors Service, Inc. and CCC+ or lower by Standard & Poor's and the consolidated debt ratio is greater than or equal to 5.50 to 1.00, the interest rate will increase by 50 basis points.

The company will make a cash payment of $27.50 per $1,000 of notes for which consents have been delivered. It is seeking consents from holders of a majority of the notes.

The solicitation agents are Goldman Sachs & Co. (212 902-5183 or 800 828-3182) and Deutsche Bank Securities Inc. (212 250-7527 or 855 287-1922). MacKenzie Partners, Inc. is the information and tabulation agent (212 929-5500 or 800 322-2885).

TransUnion is a Chicago-based provider of credit and information management.

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