Centerfield talks $785 million five-year secured notes to yield 6¾% to 7%; pricing Thursday

By Paul A. Harris

Portland, Ore., July 15 – Los Angeles-based technology company Centerfield talked its $785 million offering of five-year senior secured notes (B2/B) to yield 6¾% to 7%, according to market sources.

Official talk comes in line with initial guidance in the high 6% area to 7%.

The deal is set to price Thursday.

BofA Securities Inc. is the left bookrunner. Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., PNC Capital Markets LLC and Stifel Nicolaus & Co. Inc. are the joint bookrunners.

The Rule 144A for life notes become callable after two years at par plus 50% of the coupon. A special call provision allows the issuer to redeem 10% of the notes annually at 103 during the non-call period.

The issuing entity will be Millennium Escrow Corp. to be merge with and into Centerfield Media Parent, Inc.

Proceeds, plus cash on hand and a draw on the revolver, will be used to fund the acquisition of Datalot and to refinance debt.

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