By Paul A. Harris
Portland, Ore., Nov. 14 – ASGN Inc. priced an upsized $550 million issue of 8.5-year senior notes (Ba3/BB-) at par to yield 4 5/8% on Thursday, according to market sources.
The issue size increased from $500 million.
The yield printed on top of final yield talk, which had tightened from earlier official talk of 4¾% to 5%. Initial guidance was in the 5% area.
Wells Fargo Securities LLC was the left bookrunner. Joint bookrunners were 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.
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.
| Issuer: | ASGN Inc.
|
| Amount: | $550 million, increased from $500 million
|
| Maturity: | May 15, 2028
|
| Securities: | Senior notes
|
| Left bookrunner: | Wells Fargo Securities LLC
|
| Joint bookrunners: | 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.
|
| Coupon: | 4 5/8%
|
| Price: | Par
|
| Yield: | 4 5/8%
|
| Spread: | 285 bps
|
| Call protection: | 3.5 years
|
| Trade date: | Nov. 14
|
| Settlement date: | Nov. 22
|
| Ratings: | Moody's: Ba3
|
| S&P: BB-
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 4 5/8%, revised from 4¾% to 5%
|
| Marketing: | Roadshow
|
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