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Veritas starts Zoom roadshow for $600 million five-year secured notes; whisper 7½%-7¾%
By Paul A. Harris
Portland, Ore., Aug. 10 – Veritas US Inc. and Veritas Bermuda Ltd. started a Monday to Wednesday Zoom roadshow for a $600 million offering of five-year senior secured notes (existing ratings B2/B), according to market sources.
The Rule 144A and Regulation S for life deal comes with early guidance of 7½% to 7¾% and is expected to price on Wednesday.
Left lead bookrunner Morgan Stanley & Co. LLC will bill and deliver. BofA Securities Inc., UBS Investment Bank, Barclays, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. LLC, HSBC Securities (USA) Inc., Jefferies LLC, Mizuho Securities USA Inc. and SMBC Nikko Securities America Inc. are the joint bookrunners.
The notes become callable after one year at par plus 50% of the coupon.
The Santa Clara, Calif.-based data management company plans to use the proceeds, together with a new term loan and cash on hand, to repay debt under its existing term loan and revolver.
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