By Paul A. Harris
Portland, Ore., Dec. 10 - Opal Acquisition, Inc. priced a $610 million issue of eight-year senior notes (Caa2/CCC+/) at par to yield 8 7/8% on Tuesday, according to syndicate sources.
The yield printed in the middle of the 8¾% to 9% yield talk.
BofA Merrill Lynch, RBC Capital Markets LLC, Morgan Stanley & Co. LLC, Deutsche Bank Securities Inc. and Jefferies LLC were the joint bookrunners.
Proceeds will be used to repay the second-lien term facility, which, together with borrowings under the first-lien credit facility, was used to fund the acquisition of One Call, and, together with incremental borrowings under the first-lien credit facility, to fund the acquisition of Align Networks, to refinance debt of Align and its subsidiaries and for other general corporate purposes.
The issuing entity is an affiliate of sponsors Apax Partners, LP and Apax Partners LLP, formed to acquire OC Medical Holdings, Inc. (One Call Care Management), a New York-based provider of specialized cost containment services to the workers' compensation industry.
| Issuer: | Opal Acquisition, Inc. (One Call Care Management)
|
| Amount: | $610 million
|
| Maturity: | Dec. 15, 2021
|
| Securities: | Senior notes
|
| Bookrunners: | BofA Merrill Lynch, RBC Capital Markets LLC, Morgan Stanley & Co. LLC, Deutsche Bank Securities Inc., Jefferies LLC
|
| Coupon: | 8 7/8%
|
| Price: | Par
|
| Yield: | 8 7/8%
|
| Spread: | 647 bps
|
| First call: | Dec. 15, 2016 at 106.656
|
| Trade date: | Dec. 10
|
| Settlement date: | Dec. 17
|
| Ratings: | Moody's: Caa2
|
| Standard & Poor's: CCC+
|
| Distribution: | Rule 144A for life and Regulation S
|
| Price talk: | 8¾% to 9%
|
| Marketing: | Roadshow
|
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