By Paul A. Harris
St. Louis, Oct. 6 - Activant Solutions Inc. priced two tranches of high-yield notes on Thursday, according to an informed source.
The company priced a slightly upsized $145 million add-on to its senior floating-rate notes due April 1, 2010 (B2/B+) at par to yield three-month Libor plus 600 basis points.
The issue, which was increased from $140 million, priced on top of the price talk.
The original $120 million issue priced at par on March 30, 2005, bringing the total issue size to $265 million.
The company also priced $40 million of new six-year senior floating-rate PIK notes (Caa1/B-) at par to yield Libor plus 850 bps.
Proceeds will be used to help fund the acquisition of technology company Prophet 21 Inc. of Yardley, Pa.
Activant is an Austin, Texas, software company.
| Issuer: | Activant Solutions Inc.
|
| Bookrunners: | Deutsche Bank Securities, JP Morgan
|
| Trade date: | Oct. 6
|
|
|
| Add-on
|
| Amount: | $145 million (increased from $140 million)
|
| Maturity: | April 1, 2010
|
| Security description: | Add-on to senior floating-rate notes
|
| Coupon: | Three-month Libor plus 600 basis points
|
| Price: | Par
|
| Yield: | Three-month Libor plus 600 basis points
|
| Call features: | Callable after April 1, 2006 at 102, 101.5, 101, par after April 1, 2009
|
| Equity clawback: | Until April 1, 2006 for 35% at par plus the applicable coupon
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: B+
|
| Price talk: | 100.00
|
|
|
| New PIK notes
|
| Amount: | $40 million
|
| Maturity: | Oct. 1, 2011
|
| Security description: | Senior floating-rate PIK note
|
| Coupon: | Libor plus 850 basis points
|
| Price: | Par
|
| Yield: | Libor plus 850 basis points
|
| First call: | Oct. 1, 2007 at 102.0
|
| Ratings: | Moody's: Caa1
|
| Standard & Poor's: B-
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
