SunGard talks $1.25 billion two-tranche notes at 9¼% area, Libor plus 450-475 bps

By Paul A. Harris

St. Louis, July 22 - SunGard Data Systems Inc. issued price talk on its $1.25 billion two-tranche offering of eight-year senior unsecured notes (B3/B-), according to a syndicate source.

The fixed-rate notes, which come with four years of call protection, are talked at the 9¼% area.

The floating-rate notes, which come with two years of call protection, are talked at three-month Libor plus 450 to 475 basis points.

Books close on Tuesday with pricing expected on Wednesday.

Deutsche Bank Securities, JP Morgan, Citigroup, Goldman Sachs & Co., Morgan Stanley and Banc of America Securities are bookrunners for the Rule 144A offering.

Proceeds will be used to help fund the $11.3 billion acquisition of the company by Solar Capital Corp., a group formed by Silver Lake Partners, Bain Capital, The Blackstone Group, Goldman Sachs Capital Partners, Kohlberg Kravis Roberts & Co. LP, Providence Equity Partners and Texas Pacific Group.

SunGard is a Wayne, Pa.-based software company.

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