Unisys launches drive-by offering of $150 million three-year notes

By Paul A. Harris

St. Louis, Mo., Dec. 13 - Terms are expected to emerge Friday on a drive-by offering by Unisys Corp.

The Blue Bell, Pa. information technology company is selling $150 million senior notes due Jan. 1, 2005 (Ba1 expected/BB+/BBB-), syndicate sources told Prospect News, adding that price talk on the deal is for a yield in the 7½% area.

Salomon Smith Barney will run the books, joint lead manager is Banc of America Securities, and the co-managers are BNY Capital Markets, Deutsche Banc Alex. Brown, Fleet Securities, HSBC, PNC Capital Markets, RBS Securities and Wachovia Securities.

The off-the-shelf, non-callable notes will be used for general corporate purposes, according to the sources.

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