Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers A > Headlines for Aretec Escrow Issuer Inc. > News item |
Aretec/Cetera talks $400 million eight-year notes at 7¾% area yield; pricing Thursday
By Paul A. Harris
Portland, Ore., March 31 – Cetera Financial Group talked its $400 million offering of eight-year senior notes (Caa2/CCC) to yield in the 7¾% area, according to market sources.
Official talk comes tight to initial guidance in the high 7% area.
The offer was heard to be playing to $800 million of orders, a trader said.
Books were scheduled to close late Wednesday, and the deal is set to price on Thursday.
Goldman Sachs & Co. LLC is the left bookrunner. UBS Securities LLC, Morgan Stanley & Co. LLC, Truist Securities Inc. and Deutsche Bank Securities Inc. are the joint bookrunners.
The Rule 144A and Regulation S for life notes become callable after three years at par plus 50% of the coupon.
The issuing entity will be special purpose vehicle Aretec Escrow Issuer Inc.
The El Segundo, Calif.-based service provider to a family of independent broker-dealers plans to use the proceeds plus borrowings under its first-lien credit facilities and cash from its balance sheet to finance the acquisition assets from Voya Financial Advisors Inc. and pay off the Cetera’s second-lien credit facility. Any remaining proceeds would be used for general corporate purposes, which may include debt repayment, capital expenditures, working capital and potential acquisitions and strategic transactions.
© 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.