By Paul A. Harris
St. Louis, March 15 - Sitel LLC and Sitel Finance Corp. priced a $300 million issue of 11½% eight-year senior notes (Caa2/B-/) at 97.454 to yield 12% late Monday, according to a market source.
The yield printed at the wide end of the 11¾% to 12% price talk.
Goldman Sachs & Co., Bank of America Merrill Lynch and Credit Suisse were joint bookrunners.
RBC Capital Markets Corp., Baird and Fifth Third Securities Inc. were co-managers.
The Nashville-based business outsourcing services provider plans to use the cash from the note sale to pay down bank debt.
Onex Corp. owns a majority stake in the company, which was formerly known as ClientLogic.
| Issuers: | Sitel LLC and Sitel Finance Corp.
|
| Amount: | $300 million
|
| Maturity: | April 1, 2018
|
| Securities: | Senior notes
|
| Bookrunners: | Goldman Sachs & Co., Bank of America Merrill Lynch, Credit Suisse
|
| Co-managers: | RBC Capital Markets Corp., Baird, Fifth Third Securities Inc.
|
| Coupon: | 11½%
|
| Price: | 97.454
|
| Yield: | 12%
|
| Spread: | 858 bps
|
| Trade date: | March 15
|
| Ratings: | Moody's: Caa2
|
| Standard & Poor's: B-
|
| Distribution: | Rule 144A/Regulation S
|
| Price talk: | 11¾% to 12%
|
| Marketing: | Full roadshow
|
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