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Veritas upsizes notes to $1 billion, downsizes loans; five-year secured notes to price Thursday
By Paul A. Harris
Portland, Ore., Aug. 13 – Veritas US Inc. and Veritas Bermuda Ltd. upsized their offering of five-year senior secured notes (B2/B) to $1 billion from $600 million by shifting $400 million of proceeds from their dollar-denominated and euro-denominated term loans, according to market sources.
Talk remains 7½% to 7¾%, on top of initial guidance.
The deadline for orders for the upsized notes offering to be reconfirmed is noon ET on Thursday, and the Rule 144A and Regulation S for life deal is set to price thereafter.
Left lead bookrunner Morgan Stanley & Co. LLC will bill and deliver. BofA Securities Inc., UBS Securities LLC, 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 the loans and cash on hand, to repay debt under its existing term loan and revolver.
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