Epicor/Activant talks $465 million eight-year notes at 8¾% area yield

By Paul A. Harris

Portland, Ore., May 10 - Dealers talked Eagle Parent, Inc.'s $465 million offering of eight-year senior notes (Caa1/CCC+) with a yield in the 8¾% area on Tuesday, according to an informed source.

Proceeds from the deal are being used to fund the merger of Epicor Software Corp. and Activant Group Inc.

Pricing is set for early Wednesday.

Bank of America Merrill Lynch is the left lead bookrunner for the Rule 144A with registration rights offering. RBC Capital Markets is the joint bookrunner.

The notes come with four years of call protection and feature a 101% poison put.

Proceeds from the notes, as well as from a $945 million credit facility and $647 million of equity, will be used to fund Apax Partners' buyout of Epicor and Activant.

Epicor is an Irvine, Calif.-based provider of enterprise business software services. Activant is a Livermore, Calif.-based technology provider of ERP and point-of-sale software.

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