By Paul A. Harris
Portland, Ore., Sept. 23 – Viavi Solutions Inc. priced a $400 million issue of eight-year senior notes (Ba2/BB+/BB) at par to yield 3¾% on Thursday, according to market sources.
The yield printed at the tight end of the 3¾% to 3 7/8% yield talk. Initial guidance was in the 4% area.
Timing was accelerated. When the deal was announced Thursday morning it was slated to price on Friday.
Orders totaled $1.1 billion for the new Viavi 3¾% notes at the close of books, a trader said.
Wells Fargo Securities LLC was the left bookrunner. Joint bookrunners were BNP Paribas Securities Corp., Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC.
The Scottsdale, Ariz.-based manufacturer of testing and monitoring equipment for networks plans to use the proceeds for general corporate purposes.
| Issuer: | Viavi Solutions, Inc.
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| Amount: | $400 million
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| Maturity: | Oct. 1, 2029
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| Securities: | Senior notes
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| Left bookrunner: | Wells Fargo Securities, LLC
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| Joint bookrunners: | BNP Paribas Securities Corp., Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC
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| Coupon: | 3¾%
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| Price: | Par
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| Yield: | 3¾%
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| Spread: | 245 bps
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| Call protection: | Three years
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| Trade date: | Sept. 23
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| Settlement date: | Sept. 29
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| Ratings: | Moody's: Ba2
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| S&P: BB+
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| Fitch: BB
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| Distribution: | Rule 144A and Regulation S for life
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| Price talk: | 3¾% to 3 7/8%
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| Marketing: | Drive-by
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