Veritas talks $600 million five-year secured notes to yield 7½%-7¾%; pricing Thursday

By Paul A. Harris

Portland, Ore., Aug. 12 – Veritas US Inc. and Veritas Bermuda Ltd. talked their $600 million offering of five-year senior secured notes (B2/B) on top of initial guidance, at 7½% to 7¾%, according to market sources.

Books were scheduled to close late Wednesday afternoon, and the Rule 144A and Regulation S for life deal is set to price on Thursday.

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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