By Paul A. Harris
Portland, Ore., April 30 – Alight Solutions priced an upsized $300 million issue of 5¾% five-year senior secured notes (B1/B) at par to yield 5.748% on Thursday, according to a market source.
Bookrunners were Barclays (bill and deliver), BofA Securities Inc., CIBC World Markets Corp., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC and RBC Capital Markets LLC.
The issue size increased from $250 million.
The yield printed at the tight end of the 5¾% to 6% yield talk.
The notes were sold via Tempo Acquisition LLC and Tempo Finance Corp.
The maturity of the new notes will be co-terminus with that of the existing Tempo Acquisition/Tempo Acquisition Finance 6¾% senior notes due June 1, 2025.
The Lincolnshire, Ill.-based provider of benefits outsourcing services plans to use the proceeds for general corporate purposes.
| Issuer: | Tempo Acquisition LLC and Tempo Finance Corp.
|
| Amount: | $300 million, increased from $250 million
|
| Maturity: | June 1, 2025
|
| Securities: | Senior secured notes
|
| Bookrunners: | Barclays (bill and deliver), BofA Securities Inc., CIBC World Markets Corp., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC and RBC Capital Markets LLC
|
| Coupon: | 5¾%
|
| Price: | Par
|
| Yield to maturity: | 5.748%
|
| Spread: | 540 bps
|
| First call: | June 1, 2022 at 102.875
|
| Trade date: | April 30
|
| Settlement date: | May 7
|
| Ratings: | Moody's: B1
|
| S&P: B
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 5¾% to 6%
|
| Marketing: | Drive-by
|
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