Veritas’ $641 million equivalent secured notes on offer from dealer, expected to price this week

By Paul A. Harris

Portland, Ore., Aug. 9 – A dealer offering of $641 million equivalent of Veritas US Inc. and Veritas Bermuda Ltd. seven-year senior secured notes (B1/B+) was scheduled to launch on a mid-morning investor conference call on Tuesday.

The notes, in tranches sized at $387 million and €230 million, are expected to price this week.

Initial guidance on the dollar-denominated tranche is 92 to 93.

Dealers are attempting to sell notes that were converted from a bridge loan that became hung up in the wake of the postponement of debt financing backing the buyout of the company by the Carlyle Group from Symantec Corp. in November 2015.

Morgan Stanley & Co. LLC, BofA Merrill Lynch, UBS Investment Bank, Jefferies LLC, Barclays, Citigroup Global Markets Inc. and Mizuho Securities are the joint bookrunners for the Rule 144A for life offering.

The notes become callable after Feb. 1, 2019 at 103.75.

Veritas is a Mountain View, Calif.-based provider of storage and server management software solutions.

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