BMC starts roadshow for $1.38 billion eight-year dollar, euro notes deal; pricing Aug. 5 week

By Aleesia Forni and Paul Deckelman

Virginia Beach, Va., July 31 - BMC Software Inc. is kicking off a roadshow on Wednesday ahead of a $1.38 billion eight-year dollar- and euro-denominated offering of senior notes (Caa1/B-), according to a market source.

One trader speculates talk to be "anything from 7.5% [to] 9%."

The Rule 144A and Regulation S deal will include a $1.05 billion tranche and a €250 million tranche.

The deal is expected to price during the Aug. 5 week.

The notes will be non-callable for three years and then be callable at par plus ¾ of the coupon.

Proceeds will be used for a leveraged buyout.

The notes will feature an equity clawback of up to 40% in the first three years and a 101% poison put.

Credit Suisse Securities (USA) LLC, RBC Capital Markets LLC, Barclays, Deutsche Bank Securities Inc., Citigroup Global Markets Inc., Jefferies & Co. and Mizuho Securities are the bookrunners.

The software company is based in Houston.

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