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Alight Solutions plans $280 million tap of 6¾% notes due 2025
By Paul A. Harris
Portland, Ore., July 10 – Alight Solutions planned to shop a $280 million add-on to the Tempo Acquisition LLC and Tempo Acquisition Finance Corp. 6¾% senior notes due June 1, 2025 by means of a late Wednesday morning investor conference call, according to a market source.
Barclays is the lead left bookrunner for the Rule 144A and Regulation S for life offer. Credit Suisse Securities (USA) LLC and KeyBanc Capital Markets Inc. are the joint bookrunners. Blackstone is the co-manager.
The notes become callable after June 1, 2020 at 103.375.
The existing ratings from Moody's Investors Service are a B2 corporate rating and a Caa1 senior unsecured rating. The existing ratings from S&P Global Ratings are a B corporate rating and a CCC+ senior unsecured rating.
The Lincolnshire, Ill.-based provider of benefits outsourcing services plans to use the proceeds to finance its acquisition of Hodges-Mace, an Atlanta-based provider of benefit management software and services.
The original $500 million issue priced in April 2017.
A previous $180 million add-on priced in November 2017.
The new add-on notes will become fungible with the existing notes.
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