ASGN upsizes to $550 million, trims talk on 8.5-year notes to 4 5/8%; pricing Thursday

By Paul A. Harris

Portland, Ore., Nov. 14 – ASGN Inc. upsized its offering of 8.5-year senior notes (B2/B) to $550 million from $500 million and tightened talk to 4 5/8%, according to market sources.

Revised talk comes tighter than earlier official talk of 4¾% to 5%. Initial guidance was in the 5% area.

The deal is set to price on Thursday.

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. The additional proceeds resulting for the $50 million upsizing of the notes offering will also be used to pay down the term loan B due 2025.

© 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.