By Paul A. Harris
Portland, Ore., Aug. 12 – Black Knight InfoServ, LLC priced an upsized $1 billion issue of eight-year senior notes (Ba3/B+) at par to yield 3 5/8% on Wednesday, according to market sources.
The issue size increased from $750 million.
The yield printed 12.5 basis points through yield talk in the 3 7/8% area. Initial guidance was in the low 4% area.
BofA Securities Inc. was the left bookrunner. Joint bookrunners were J.P. Morgan Securities LLC, Truist Securities Inc., Wells Fargo Securities LLC, BMO Capital Markets Corp., Capital One Securities Inc., PNC Capital Markets LLC and U.S. Bancorp Investments Inc.
Upon release from escrow, the proceeds, together with cash on hand, borrowings under the 2018 revolver and equity investments, will be used to pay the cash portion of the Optimal Blue acquisition, including any amounts outstanding under the OB debt facilities.
The issuer is a Jacksonville, Fla.-based integrated technology, software and data solutions services company.
| Issuer: | Black Knight InfoServ, LLC
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| Amount: | $1 billion, increased from $750 million
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| Maturity: | Sept. 1, 2028
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| Securities: | Senior notes
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| Left bookrunner: | BofA Securities Inc.
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| Joint bookrunners: | J.P. Morgan Securities LLC, Truist Securities Inc., Wells Fargo Securities LLC, BMO Capital Markets Corp., Capital One Securities Inc., PNC Capital Markets LLC and U.S. Bancorp Investments Inc.
|
| Co-managers: | Citizens Capital Markets Inc., Fifth Third Securities Inc., Mizuho Securities USA Inc., Regions Securities LLC, Jefferies LLC and RBC Capital Markets Corp.
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| Coupon: | 3 5/8%
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| Price: | Par
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| Yield: | 3 5/8%
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| Spread: | 305 bps
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| Call protection: | Three years
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| Trade date: | Aug. 12
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| Settlement date: | Aug. 26
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| Ratings: | Moody's: Ba3
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| S&P: B+
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| Distribution: | Rule 144A and Regulation S
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| Price talk: | 3 7/8% area
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| Marketing: | Roadshow
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