UKG talks $2.5 billion seven-year senior secured notes in 7% area; pricing expected Tuesday

By Paul A. Harris

Portland, Ore., Jan. 30 – UKG Inc. talked its $2.5 billion offering of seven-year senior secured notes (B2/B-) to yield in the 7% area, according to market sources.

Official talk comes tight to early guidance in the low-7% area.

The deal is expected to price later Tuesday.

The Rule 144A and Regulation S for life notes come with three years of call protection.

J.P. Morgan Securities LLC is leading the notes sale.

Proceeds plus a $4.89 billion term loan will be used to refinance the company’s first-lien term loans, to pay down a revolver draw and to fund cash to the balance sheet.

The prospective issuer is a provider of human capital management solutions and is based in Weston, Fla., and Lowell, Mass.

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