Ceridian to launch amendment and extension offer on Thursday

By Sara Rosenberg

New York, May 9 - Ceridian Corp. is scheduled to hold a conference call on Thursday to launch an amendment and extension proposal to lenders, according to a market source.

Specifically, the company is looking to extend its term loan by 2½ years to May 2017, the source said.

And, the amendment would increase the existing senior secured debt coverage ratio by 1 time, the source added.

Lenders will be offered a 10 bps consent fee.

Deutsche Bank Securities Inc. and Credit Suisse Securities (USA) LLC and Bank of America Merrill Lynch are the lead banks on the deal.

Ceridian is a Minneapolis-based provider of human resources, transportation and retail information management services.

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