Harland Clarke talks $250 million six-year notes with 10% area yield

By Paul A. Harris

Portland, Ore., July 16 - Harland Clarke Holdings Corp. talked a $250 million offering of six-year senior secured notes with a yield in the 10% area on Monday, according to market sources.

The deal was expected to price on Monday; however, no terms were available at press time.

Credit Suisse Securities (USA) LLC, Citigroup Global Markets Inc., Bank of America Merrill Lynch, Deutsche Bank Securities Inc., UBS Investment Bank and Natixis Securities are the joint bookrunners.

The Rule 144A and Regulation S for life notes come with three years of call protection and feature a three-year 35% equity clawback and a 101% poison put.

Proceeds will be used to refinance debt.

Harland Clarke is a San Antonio-based provider of integrated payment, marketing and security services and retail products.

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