West Corp. starts roadshow for $1.35 billion eight-year notes backing buyout by Apollo

By Paul A. Harris

Portland, Ore., Sept. 25 – West Corp. started a roadshow on Monday in New York for a $1.35 billion offering of eight-year senior notes (B3/CCC+/B-), according to market sources.

The roadshow continues in New York and New Jersey on Tuesday, moves to Boston on Wednesday, to Los Angeles on Thursday and to San Francisco on Friday.

A global investor conference call is set to get underway at noon ET on Tuesday.

Initial price talk is in the low 8% area, a trader said.

Joint bookrunner RBC Capital Markets LLC will bill and deliver for the Rule 144A for life and Regulation S offering. Credit Suisse Securities (USA) LLC, Barclays, BofA Merrill Lynch, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Morgan Stanley & Co. LLC and Goldman Sachs & Co. are also joint bookrunners.

The notes become callable after three years at par plus 50% of the coupon and feature a three-year 40% equity clawback and a 101% poison put.

Proceeds will be used to help fund the buyout of the Omaha-based provider of communication and network infrastructure services by Apollo Global Management LLC.

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