By Stephanie N. Rotondo
Portland, Ore., Aug. 22 - Hewitt Associates LLC announced Friday it had sold $230 million of senior unsecured private placement notes to accredited investors.
The transaction came in two tranches. The first consists of $175 million 6.57% series F senior notes due Aug. 21, 2015. The second is $55 million of 6.98% series G senior notes due Aug. 21, 2018.
The notes have a make-whole call at Treasuries plus 50 basis points, according to a filing with the Securities and Exchange Commission.
Proceeds from the sale will be used for general corporate purposes, including, but not limited to, repayment of existing debt, share repurchases and potential acquisitions.
JP Morgan Securities Inc. acted as placement agent.
Buyers of the notes are Prudential Investment Management Inc and Prudential Private Placement Investors LP; PPM America Inc.; New York Life Investment Management LLC; Advantis Capital Management Inc.; Delaware Investment Advisors; Cigna Investments Inc.; The Guardian Life Insurance Co. of America and The Guardian Insurance and Annuity Co. Inc.; AIG Global Investment Corp.; Allianz of America Inc.; American United Life Insurance Co.; American Equity Investments Life Insurance Co.; Conning Asset Management Co.; Southern Farm Bureau Life Insurance Co.; and Phoenix Life Insurance Co. and PHL Variable Insurance Co.
Hewitt Associates is a Lincolnshire, Ill.-based provider of multi-service human resources business process outsourcing.
| Issuer: | Hewitt Associates LLC
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| Security description: | Senior unsecured notes
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| Amount: | $230 million
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| Call options: | Make-whole call at Treasuries plus 50 bps
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| Distribution: | Private placement
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| Placement agent: | JP Morgan Securities Inc.
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| Settlement: | Aug. 21
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| Investors: | Prudential Investment Management Inc and Prudential Private Placement Investors LP; PPM America Inc.; New York Life Investment Management LLC; Advantis Capital Management Inc.; Delaware Investment Advisors; Cigna Investments Inc.; The Guardian Life Insurance Co. of America and The Guardian Insurance and Annuity Co. Inc.; AIG Global Investment Corp.; Allianz of America Inc.; American United Life Insurance Co.; American Equity Investments Life Insurance Co.; Conning Asset Management Co.; Southern Farm Bureau Life Insurance Co.; and Phoenix Life Insurance Co. and PHL Variable Insurance Co.
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| Series F
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| Amount: | $175 million
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| Maturity: | Aug. 21, 2015
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| Coupon: | 6.57%
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| Series G
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| Amount: | $55 million
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| Maturity: | Aug. 21, 2018
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| Coupon: | 6.98%
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