Open Solutions to start roadshow Monday for $325 million eight-year notes

By Paul A. Harris

St. Louis, Jan. 3 - Open Solutions Inc. will begin a roadshow on Monday for its $325 million offering of eight-year senior subordinated notes (Caa1/CCC+), according to an informed source.

Pricing is expected on Jan. 18.

Wachovia Securities, JP Morgan and Merrill Lynch & Co. are joint bookrunners for the Rule 144A notes. GE Capital is the co-manager.

The notes come with four years of call protection.

Proceeds will be used to help fund the leveraged buyout of the company by Carlyle Group LLC and Providence Equity Partners Inc.

Glastonbury, Conn.-based Open Solutions is a provider of software and software enabled outsourcing solutions to banks, thrifts and credit unions.

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