Vericast starts roadshow for $2 billion two-part secured notes; investor call Thursday afternoon

By Paul A. Harris

Portland, Ore., Feb. 25 – Vericast Corp. started a full roadshow on Thursday for a $2 billion two-part offering of secured notes, according to market sources.

The deal features $1.3 billion of five-year first-lien notes with early guidance in the 9% area. The first-lien notes become callable after two years at par plus 75% of the coupon.

Vericast is also offering $700 million of six-year second-lien notes with early guidance in the 12% area. The second-lien notes become callable after 2.5 years at par plus the full coupon.

An investor conference call was scheduled to begin at 1 p.m. ET on Thursday.

The Rule 144A and Regulation S for life notes are set to price late in the March 1 week.

Jefferies LLC, Credit Suisse Securities (USA) LLC, Wells Fargo Securities LLC, BofA Securities Inc., Deutsche Bank Securities Inc., Macquarie Capital (USA) Inc. and HSBC Securities (USA) Inc. are the joint bookrunners.

The San Antonio-based marketing company plans to use the proceeds to partially refinance its existing capital structure.

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