Black Knight talks $750 million eight-year notes at 3 7/8% area yield; pricing Wednesday

By Paul A. Harris

Portland, Ore., Aug. 12 – Black Knight InfoServ, LLC talked its $750 million offering of eight-year senior notes (Ba3/B+) to yield in the 3 7/8% area, according to market sources.

Official talk comes inside of initial guidance in the low 4% area.

Books close at noon ET on Wednesday, and the deal is set to price thereafter.

BofA Securities Inc. is the left bookrunner. J.P. Morgan Securities LLC, Truist Securities Inc., Wells Fargo Securities LLC, BMO Capital Markets Corp., Capital One Securities Inc., PNC Capital Markets LLC and U.S. Bancorp Investments Inc. are the joint bookrunners.

Citizens Capital Markets Inc., Fifth Third Securities Inc., Mizuho Securities USA Inc., Regions Securities LLC, Jefferies LLC and RBC Capital Markets Corp. are the co-managers.

The Rule 144A for life notes become callable after three years at par plus 50% of the coupon. They feature a three-year 40% equity clawback at par plus the coupon and a 101% poison put.

Upon release from escrow, the proceeds, together with cash on hand, borrowings under the 2018 revolver and equity investments will be used to pay the cash portion of the Optimal Blue acquisition, including any amounts outstanding under the OB debt facilities.

The prospective issuer is a Jacksonville, Fla.-based integrated technology, software and data solutions services company.

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