Alight Solutions plans sale of $250 million five-year secured notes

By Paul A. Harris

Portland, Ore., April 30 – Alight Solutions plans to price a $250 million offering of five-year senior secured notes (existing ratings B1/B) late Thursday afternoon or Friday morning, according to a market source.

The deal was scheduled to be shopped by means of an investor conference call at noon ET on Thursday.

Joint bookrunner Barclays will bill and deliver for the Rule 144A for life offering. 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 are the joint bookrunners.

The notes become callable after two years at par plus 50% of the coupon. They feature a two-year 40% equity clawback at par plus the coupon and a 101% poison put.

The issuing entities will be 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.

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