By Paul A. Harris
St. Louis, Sept. 30 - West Corp. priced a $500 million issue of eight-year senior notes (B3/B/) at par to yield 8 5/8% on Thursday, according to market sources.
The yield printed 12.5 basis points inside the 8¾% to 9% price talk.
Deutsche Bank Securities Inc., Wells Fargo Securities, Goldman Sachs & Co. and Morgan Stanley & Co. Inc. were the joint bookrunners.
Proceeds will be used to repay bank debt.
West is an Omaha, Neb., provider of call-center services, conferencing services and accounts receivable management.
| Issuer: | West Corp.
|
| Amount: | $500 million
|
| Maturity: | Oct. 1, 2018
|
| Securities: | Senior notes
|
| Bookrunners: | Deutsche Bank Securities Inc., Wells Fargo Securities, Goldman Sachs & Co., Morgan Stanley & Co. Inc.
|
| Coupon: | 8 5/8%
|
| Price: | Par
|
| Yield: | 8 5/8%
|
| Spread: | 651 bps
|
| Call protection: | Four years
|
| Equity clawback | 35% at 108.625 until Oct. 1, 2013
|
| Change-of-control put: | 101%
|
| Trade date: | Sept. 30
|
| Settlement date: | Oct. 5
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 8¾% to 9%
|
| Marketing: | Roadshow
|
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