By Paul A. Harris
St. Louis, Jan. 18 - Open Solutions Inc. priced $325 million eight-year senior subordinated notes (Caa1/CCC+) at par to yield 9¾% on Thursday, according to an informed source.
The yield came at the tight end of the 9 7/8% area price talk.
Wachovia Securities, JP Morgan and Merrill Lynch & Co. were joint bookrunners for the Rule 144A and Regulation S notes. GE Capital was the co-manager.
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
| Issuer: | Open Solutions Inc.
|
| Amount: | $325 million
|
| Maturity: | Feb. 1, 2015
|
| Security description: | Senior subordinated notes
|
| Bookrunners: | Wachovia Securities, JP Morgan, Merrill Lynch & Co.
|
| Co-manager: | GE Capital
|
| Coupon: | 9¾%
|
| Price: | Par
|
| Yield: | 9¾%
|
| Spread: | 498 bps
|
| Call features: | Callable on Feb. 1, 2011 at 104.875, 102.438, par on and after Feb. 1, 2013
|
| Equity clawback: | Until Feb. 1, 2010 for 35% at 109.75
|
| Trade date: | Jan. 18
|
| Settlement date: | Jan. 23
|
| Ratings: | Moody's: Caa1
|
| Standard & Poor's: CCC+
|
| Distribution: | Rule 144A/Regulation S
|
| Price talk: | 9 7/8% area
|
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