Published on 8/7/2018 in the Prospect News High Yield Daily.
New Issue: ACI Worldwide upsizes to $400 million, prices eight-year notes at par to yield 5¾%
By Paul A. Harris
Portland, Ore., Aug. 7 – ACI Worldwide, Inc. priced an upsized $400 million issue of eight-year senior notes (B2/BB) at par to yield 5 ¾% on Tuesday, according to market sources.
The transaction was increased from $300 million.
The yield printed in the middle of yield talk that was set in the 5¾% area and tight to initial guidance in the high 5% area to 6%.
BofA Merrill Lynch was the left bookrunner. Wells Fargo Securities LLC was the joint bookrunner.
The Naples, Fla.-based provider of real-time payment and banking services plans to use the proceeds, together with cash from its balance sheet, to redeem its outstanding 6 3/8% senior notes due 2020 in full.
| Issuer: | ACI Worldwide, Inc.
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| Amount: | $400 million, increased from $300 million
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| Maturity: | Aug. 15, 2026
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| Securities: | Senior notes
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| Left bookrunner: | BofA Merrill Lynch
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| Joint bookrunner: | Wells Fargo
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| Co-managers: | PNC, Citizens, HSBC, Regions, TD
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| Coupon: | 5¾%
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| Price: | Par
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| Yield: | 5¾%
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| Spread: | 279 bps
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| First call: | Make-whole call at Treasuries plus 50 bps until Aug. 15, 2021, then callable at a premium
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| Trade date: | Aug. 7
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| Settlement date: | Aug. 21
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| Ratings: | Moody’s: B2
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| S&P: BB
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| Distribution: | Rule 144A for life
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| Price talk: | 5¾% area
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| Marketing: | Roadshow
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