Veritas talks $500 million add-on to 7½% secured notes due 2025 at 102-102.5; pricing Monday

By Abigail W. Adams

Portland, Me., Nov. 9 – Veritas US Inc. and Veritas Bermuda Ltd. talked their $500 million add-on to their 7½% senior secured notes due Sept. 1, 2025 (existing B2/B) with a reoffer price of 102 to 102.5, according to a market source.

Early whisper had the notes coming with a reoffer price in the 101.5 area, sources said.

Books close at 1:30 p.m. ET on Monday.

Morgan Stanley & Co. LLC (lead left), 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 bookrunners for the Rule 144A and Regulation S offering.

The notes are non-callable until Sept. 1, 2021.

There is an equity clawback of up to 40%.

Proceeds will be used to redeem a portion of Veritas’ 7½% senior secured notes due 2023.

Veritas priced a $1 billion issue of the 7½% senior notes due 2025 on Aug. 13.

Veritas is a Santa Clara, Calif.-based data management company.

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