Alight Solutions to price $150 million fungible tap of 6¾% notes due 2025 in Friday drive-by

By Paul A. Harris

Portland, Ore., July 24 – Alight Solutions plans to price a $150 million fungible add-on to the Tempo Acquisition LLC and Tempo Finance Corp. 6¾% senior notes due June 1, 2025 (existing senior unsecured ratings Caa1/CCC+) in a Friday drive-by following a mid-morning conference call with investors, according to a market source.

Joint bookrunner Barclays will bill and deliver for the Rule 144A and Regulation S for life offer. BofA Securities Inc., Credit Suisse Securities (USA) LLC, Citigroup Global Markets Inc., Macquarie Capital, Deutsche Bank Securities Inc., Morgan Stanley & Co. LLC, RBC Capital Markets LLC, Goldman Sachs & Co. LLC and CIBC World Markets Corp. are the joint bookrunners. Blackstone Group is the co-manager.

The notes are presently callable at 103.375.

The Lincolnshire, Ill.-based provider of benefits outsourcing services plans to use the proceeds for general corporate purposes, which are to include repayment of its term loan.

The original $500 million issue priced in April 2017. A $180 million first add-on priced in November 2017. A $280 million second add-on priced in July 2019.

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