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Serena downsizes to $200 million, talks 10-year notes at 10¼%-10½%
By Paul A. Harris
St. Louis, March 6 - Spyglass Merger Corp., which is to be merged with and into Serena Software Inc., issued talk on its downsized $200 million 10-year notes offering of 10¼% to 10½%, according to a market source.
The offering was downsized from $225 million, with $25 million being shifted to the company's term loan.
The notes (Caa1/CCC+) are expected to price on Tuesday.
Merrill Lynch, Lehman Brothers and UBS Investment Bank are joint bookrunners for the offering, which is being marketed via Rule 144A with registration rights.
The notes come with five years of call protection.
Proceeds will be used to help fund the acquisition of Serena by Silver Lake Partners for about $1.24 billion.
Serena is a San Mateo, Calif., provider of software products for managing process and controlling change across the information technology environment.
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