West Corp. guiding $400 million five-year notes with high 4% yield; pricing Thursday

By Paul A. Harris

Portland, Ore., June 9 – West Corp. plans to price a $400 million offering of five-year senior secured notes (expected ratings Ba3/BB) on Thursday following a late-morning conference call with investors, according to market sources.

Early guidance has the deal coming with a yield in the high 4% context, a trader said.

Wells Fargo Securities LLC is the left bookrunner for the Rule 144A and Regulation S for life offering. Deutsche Bank Securities Inc., BofA Merrill Lynch, Citizens, BMO Securities, HSBC, J.P. Morgan Securities LLC, Mizuho Securities and Morgan Stanley & Co. LLC are the joint bookrunners.

The notes become callable after two years at par plus 50% of the coupon. A special call provision allows issuer to redeem 10% of the notes annually at 103 during the non-call period.

The Omaha-based technology-driven communication services provider plans to use the proceeds to partially refinance its term loan B-10 and fully refinance its term loan B-11.

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