New Issue: West Corp. prices $650 million eight-year notes at par to yield 7 7/8%

By Paul A. Harris

St. Louis, Nov. 9 - West Corp. priced a $650 million issue of eight-year senior notes (B3/B) at par to yield 7 7/8% on Tuesday, according to an informed source.

The yield printed at the wide end of the 7¾% area price talk.

Deutsche Bank Securities Inc. was the left bookrunner for the quick-to-market deal.

Goldman Sachs & Co., Bank of America Merrill Lynch, Morgan Stanley & Co. Inc. and Wells Fargo Securities were the joint bookrunners.

The Omaha-based call-center services provider will use the proceeds to fund the tender for its 9½% notes due 2014.

Issuer:	West Corp.
Amount:	$650 million
Maturity:	Jan. 15, 2019
Securities:	Senior notes
Left bookrunner:	Deutsche Bank Securities Inc.
Joint bookrunners:	Goldman Sachs & Co., Bank of America Merrill Lynch, Morgan Stanley & Co. Inc., Wells Fargo Securities
Coupon:	7 7/8%
Price:	Par
Yield:	7 7/8%
Spread:	563 bps
Call features:	Callable on Nov. 15, 2014 at 103.938, 101.969, par on and after Nov. 15, 2016
Equity clawback:	35% at 107.875 until Nov. 15, 2013
Trade date:	Nov. 9
Settlement date:	Nov. 24
Ratings:	Moody's: B3
	Standard & Poor's: B
Distribution:	Rule 144A with registration rights and Regulation S
Price talk:	7¾% area
Marketing:	Quick to market

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