Pegasus eight-year notes cut to $100-$105 million, talked at 10½% area

By Paul A. Harris

St. Louis, April 4 - Pegasus Solutions Inc. has downsized its proposed issue of eight-year senior notes to a range of $100 million to $105 million from the previously announced amount of $120 million, according to an informed source.

Meanwhile the Dallas-based hotel technology provider has talked the notes (Caa1/CCC+) at the 10½% area.

Pricing is expected on Thursday morning.

Jefferies & Co. is the bookrunner for Rule 144A with registration rights offering.

The notes come with four years of call protection.

Proceeds will be used to repay existing debt, to fund a dividend and for general corporate purposes.

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