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CA Magnum talks $1.01 billion five-year secured notes at 5½%-5¾%; pricing Wednesday
By Paul A. Harris
Portland, Ore., Oct. 26 – CA Magnum Holdings talked its $1.01 billion offering of five-year senior secured notes (B1//BB-) to yield 5½% to 5¾%, according to market sources.
Official talk comes tight to initial guidance of 5¾% to 6%.
The notes offering, backing the buyout of India-based Hexaware Technologies by Carlyle Group, is heard to be going very well, a trader said, noting that some accounts are labeling it “the deal of the week.”
Early Tuesday the books already contained orders in excess of four-times deal size, the trader added.
Books were scheduled to close for U.S. accounts on Tuesday, at the New York close of business. They remain open into Wednesday for investors in Europe and Asia.
The Rule 144A and Regulation S for life deal is set to price and allocate Wednesday morning, New York time.
Goldman Sachs and HSBC are the joint global coordinators. Barclays, BNP Paribas, Citigroup, MUFG, Nomura and Standard Chartered Bank are the joint bookrunners.
The notes come with two years of call protection.
Proceeds plus equity will be used to fund the $3 billion buyout of Hexaware.
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