Ahead DB sets roadshow for $375 million first-lien notes supporting LBO by Centerbridge

By Paul A. Harris and Sara Rosenberg

Portland, Ore., Oct. 7 – Ahead DB Holdings plans to start a roadshow on Tuesday for a $375 million offering of seven-year first-lien senior secured notes (existing first lien ratings B1/B), according to a syndicate source.

A global investor call is scheduled to take place on Oct. 14.

The Rule 144A and Regulation S deal is expected to price late in the Oct. 12 week.

Left bookrunner RBC Capital Markets Corp. will bill and deliver. Deutsche Bank Securities Inc., Barclays, KKR Capital Markets, Macquarie Capital (USA) Inc., Truist Securities Inc., Regions Securities LLC and TD Securities (USA) LLC are joint bookrunners.

The notes come with three years of call protection.

The notes offering surfaced in a rejiggering of the financing backing the leveraged buyout of the company by Centerbridge Partners LP, which saw the term loan downsized to a $400 million to $425 million range from an original size of $785 million.

Proceeds will be used to help fund the buyout of the company by Centerbridge from Court Square Capital Partners. In connection with this transaction, Berkshire Partners LLC will purchase a minority stake in the company and there will be significant rollover from management.

Bank debt backing the LBO also includes a $115 million revolver and a $235 million privately placed second-lien term loan.

Ahead is a Chicago-based IT solution provider of enterprise hardware and software.

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