By Paul A. Harris
Portland, Ore., June 29 – SS&C Technologies Holdings Inc. priced an upsized $600 million issue of eight-year senior notes (B3/B+) at par to yield 5 7/8% on Monday, according to a syndicate source.
The deal was upsized from $500 million.
The yield printed in the middle of the 5¾% to 6% yield talk.
Morgan Stanley & Co. LLC, Deutsche Bank Securities Inc. and BofA Merrill Lynch were the joint bookrunners.
Proceeds will be used to help fund the acquisition of Advent Software Inc. and refinance existing debt at both SS&C and Advent.
SS&C is a Windsor, Conn.-based provider of financial services software and software-enabled services.
Advent is a San Francisco-based provider of software and services for the investment management industry.
| Issuer: | SS&C Technologies Holdings, Inc.
|
| Amount: | $600 million, increased from $500 million
|
| Maturity: | July 15, 2023
|
| Securities: | Senior notes
|
| Bookrunners: | Morgan Stanley & Co. LLC, Deutsche Bank Securities Inc., BofA Merrill Lynch
|
| Co-managers: | Barclays, Credit Suisse Securities (USA) LLC, Jefferies LLC
|
| Coupon: | 5 7/8%
|
| Price: | Par
|
| Yield: | 5 7/8%
|
| Spread: | 365 bps
|
| First call: | July 15, 2018 at 104.406
|
| Equity clawback: | 35% at 105.875 until July 15, 2018
|
| Change-of-control put: | 101%
|
| Trade date: | June 29
|
| Settlement date: | July 8
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B+
|
| Distribution: | Rule 144A and Regulation S with registration rights
|
| Price talk: | 5¾% to 6%
|
| Marketing: | Roadshow
|
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