US Investigations sets talk for $440 million two-part note offering

By Paul A. Harris

St. Louis, Oct. 17 - Underwriters set price talk for the US Investigations Services, Inc. (USIS) $440 million two-part offering of high-yield notes on Wednesday, according to an informed source.

A $250 million tranche of eight-year senior notes (Caa1/CCC+) is talked at 11% to 11¼%. The eight-year notes come with four years of call protection.

Meanwhile a $190 million tranche of 10-year senior subordinated notes (Caa2/CCC+) is talked at 12½% to 12¾%. The 10-year notes come with five years of call protection.

The books close at the end of the day on Thursday. The notes are expected to price on Friday.

Lehman Brothers and Banc of America Securities LLC are joint bookrunners for the Rule 144A for life and Regulation S note offering.

The notes come with a 101 change-of-control put.

Proceeds will be used to help fund the leveraged buyout of the company by Providence Equity Partners from Welsh Carson.

USIS is a Falls Church, Va., background investigation and security services provider.

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