New Issue: SS&C Technologies prices upsized $2 billion 8.5-year notes at par to yield 5½%

By Paul A. Harris

Portland, Ore., March 14 – SS&C Technologies, Inc. priced a massively upsized $2 billion issue of 8.5-year senior notes (B2/B+) at par to yield 5½% in a quick-to-market Thursday trade, according to market sources.

The issue size increased from $750 million.

The yield printed at the tight end of the 5½% to 5¾% yield talk. Initial guidance had the deal coming to yield in the high 5% area.

Morgan Stanley & Co. LLC, Credit Suisse Securities (USA) LLC, Citigroup Global Markets Inc., BofA Merrill Lynch and Oppenheimer & Co. Inc. were the joint bookrunners.

The Windsor, Conn.-based provider of financial services and technology plans to use the proceeds, including the additional proceeds resulting from the $1.25 billion upsizing of the deal, to pay down bank debt.

Issuer:	SS&C Technologies, Inc.
Amount:	$2 billion, increased from $750 million
Maturity:	Sept. 30, 2027
Securities:	Senior notes
Bookrunners:	Morgan Stanley & Co. LLC, Credit Suisse Securities (USA) LLC, Citigroup Global Markets Inc., BofA Merrill Lynch and Oppenheimer & Co. Inc.
Coupon:	5½%
Price:	Par
Yield:	5½%
Spread:	291 bps
First call:	Make-whole call at Treasuries plus 50 bps until March 30, 2022, then callable at 104.125
Equity clawback:	40% at 105.5 until March 30, 2022
Trade date:	March 14
Settlement date:	March 28
Ratings:	Moody's: B2
	S&P: B+
Distribution:	Rule 144A for life and Regulation S
Price talk:	5½% to 5¾%
Marketing:	Quick to market

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