CA Magnum/Hexaware launches $1.01 billion 5 3/8% five-year secured notes; pricing Wednesday

By Paul A. Harris

Portland, Ore., Oct. 27 – CA Magnum Holdings launched its $1.01 billion offering of five-year senior secured notes (B1//BB-) with a 5 3/8% coupon, according to market sources.

The notes, which are set to price on Wednesday, are in the market with official price talk of 5½% to 5¾%, tight to initial guidance of 5¾% to 6%.

The Rule 144A and Regulation S for life deal, backing the buyout of India-based Hexaware Technologies by Carlyle Group, is heard to be well-oversubscribed and going very well, sources say.

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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