BMC Software sets roadshow for $1.83 billion equivalent notes

By Paul A. Harris

Portland, Ore., July 31 – BMC Software plans to start a roadshow on Wednesday in New York for a $1,825,000,000 equivalent two-part offering of senior notes (Caa2/CCC+), to be issued in dollar- and euro-denominated tranches, according to a syndicate source.

Tranche sizes remain to be determined.

The roadshow travels to London on Thursday, then features presentations in London and Paris on Friday. The roadshow returns to New York on Monday, travels to Boston on Aug. 7 and to Los Angeles on Aug. 8.

The Rule 144A and Regulation S for life offering is set to price at the conclusion of the roadshow.

Goldman Sachs & Co. is the left bookrunner. Credit Suisse Securities (USA) LLC, KKR Capital Markets, Jefferies LLC, Macquarie Capital, Mizuho Securities and Barclays are the joint bookrunners.

The notes come with three years of call protection.

Proceeds, along with new credit facilities, PIK preferred equity, sponsor equity and cash on hand, will be used to help fund the buyout of the company by KKR from a private investor group led by Bain Capital Private Equity and Golden Gate Capital together with GIC, Insight Venture Partners and Elliott Management, and to refinance certain debt.

The issuing entity will be Banff Merger Sub Inc., which is to be merged with and into Boxer Parent Co. Inc., entities created by KKR for the purpose of completing the buyout.

BMC is a Houston-based provider of software solutions for the digital enterprise.

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