CEVA revives $400 million seven-year second-lien notes; pricing expected Thursday

By Paul A. Harris

St. Louis, Aug. 8 - CEVA Group, plc has returned to the junk bond market with the downsized and restructured $400 million offering of seven-year senior second-lien notes that it postponed on Thursday, according to an informed source.

The notes are expected to be priced on Thursday with a 10% coupon at a discount to yield 11%.

At the time the deal was postponed, the notes were talked at the 10% area.

Credit Suisse, Morgan Stanley, Bear Stearns, UBS Investment Bank, JP Morgan and Goldman Sachs & Co. are joint bookrunners for the notes, which are being placed via Rule 144A and Regulation S for life.

In late July the company slashed the deal by $1 billion equivalent, replacing the bonds with bridge financing.

The company, which is in the debt markets for financing to help fund its acquisition of Netherlands-based logistics and supply chain management company EGL Inc., meanwhile restructured the remaining $400 million tranche by adding second-lien security to the notes.

CEVA Group is an Apollo Management portfolio company.

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