NCR Atleos shortens duration on $1.05 billion secured notes, sets talk in 9½% area; pricing Friday

By Paul A. Harris

Portland, Ore., Sept. 21 – NCR Atleos Escrow Corp. shortened the duration of its $1.05 billion offering senior secured notes (B2/B+/BB-) to 5.5 years from seven years on Thursday, according to market sources.

The deal is talked to yield in the 9½% area, on top of initial guidance.

Books close at 11 a.m. ET on Friday, and the Rule 144A and Regulation S for life deal is set to price thereafter.

The shortened maturity notwithstanding, the non-call period remains unchanged at three years.

J.P. Morgan Securities LLC, BofA Securities Inc., Goldman Sachs & Co. LLC, RBC Capital Markets LLC, Capital One Securities Inc., Citigroup Global Markets Inc., Fifth Third Securities Inc., M&T Securities Inc., MUFG Securities Americas Inc., PNC Capital Markets LLC, Regions Securities LLC, TD Securities (USA) LLC, Truist Securities Inc., U.S. Bancorp Investments Inc., Wells Fargo Securities LLC, Barclays and Santander US Capital Markets LLC are the joint bookrunners.

Proceeds will be used with a $1.05 billion term loan to fund the spinoff of NCR Atleos into two separate companies: NCR Voyix, which will focus on digital commerce, and NCR Atleos, an ATM-focused business. The spinoff is expected to close in the fourth quarter. Proceeds will be escrowed until the spinoff closes.

NCR Atleos is an Atlanta-based financial technology company providing self-directed banking solutions through automated teller machines and interactive teller machines.

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