Ahead DB talks $400 million seven-year notes to yield in 6¾% area, pricing Friday

By Paul A. Harris

Portland, Ore., April 23 – Ahead DB Holdings, LLC talked its $400 million offering of seven-year senior notes (Caa1/CCC+) to yield in the 6¾% area, according to market sources.

Official talk comes slightly inside of the high-6% area to 7% initial guidance.

Books close at 12:30 p.m. ET Friday and the Rule 144A and Regulation S for life deal is set to price thereafter.

Barclays is the lead bookrunner. Deutsche Bank Securities Inc., RBC Capital Markets LLC, KKR Capital Markets LLC, Macquarie Capital (USA) Inc., Truist Securities Inc., Regions Securities LLC, Credit Suisse Securities (USA) LLC, TD Securities (USA) LLC and PNC Capital Markets LLC are the joint bookrunners.

The notes come with three years of call protection and feature a 40% equity clawback until the first call date and a 101% poison put.

The Chicago-based IT solutions provider plans to use the proceeds to refinance its second-lien term loan and a portion of its first-lien term loan.

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