ASGN expected to priced $500 million 8.5-year notes on Thursday; initial talk 5% area

By Paul A. Harris

Portland, Ore., Nov. 12 – ASGN Inc. expects to price a $500 million offering of 8.5-year senior notes (B2/B) on Thursday, according to market sources.

Initial guidance has the deal coming to yield in the 5% area, a trader said.

The offering was scheduled to be shopped on an investor conference call beginning at 12:45 p.m. ET on Tuesday.

Wells Fargo Securities LLC is the left bookrunner. BofA Securities Inc., Capital One Securities Inc., Fifth Third Securities Inc., J.P. Morgan Securities LLC, MUFG, SunTrust Robinson Humphrey Inc. and U.S. Bancorp Investments Inc. are the joint bookrunners.

The Rule 144A and Regulation S for life notes become callable after 3.5 years at par plus 50% of the coupon.

The Calabasas, Calif., information technology services company plans to use the proceeds to pay off its revolving credit facility, as well as to repay its term loan due 2022 and pay down its term loan due 2025.

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