Cvent to price downsized $400 million seven-year secured notes on Thursday to yield 8%

By Abigail W. Adams

Portland, Me., May 18 – Capstone Borrower Inc. plans to price a downsized $400 million offering of seven-year senior secured notes (B2/B-/BB) to finance Blackstone’s acquisition of Cvent Holding Corp. on Thursday with pricing firming for a yield of 8%, according to a market source.

The initial size of the offering was $500 million; however, $100 million of proceeds were shifted to a concurrent term loan.

Initial price talk was for a yield in the 8% area. Early guidance was for a yield in the low 8% area.

The notes are non-callable for three years.

Morgan Stanley & Co. LLC, UBS Securities LLC, Citizens Capital Markets Inc. and Fifth Third Securities Inc. are bookrunners for the Rule 144A and Regulation S offering.

Proceeds will be used to finance the acquisition of Cvent by private equity funds managed by Blackstone and refinance existing credit facilities.

Cvent is a Tysons, Va.-based event management and hospitality software company.

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