Open Solutions $325 million eight-year notes talked at 9 7/8% area, to price early Thursday

By Paul A. Harris

St. Louis, Jan. 16 - Open Solutions Inc. talked its $325 million offering of eight-year senior subordinated notes (Caa1/CCC+) at the 9 7/8% area on Tuesday, according to an informed source.

Pricing is expected early Thursday.

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.

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

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