Deluxe starts roadshow for $500 million eight-year notes, initial talk 7½% area

By Paul A. Harris

Portland, Ore., May 17 – Deluxe Corp. started a roadshow on Monday for a $500 million offering of eight-year senior notes (B3), according to market sources.

Initial guidance has the notes coming to yield in the 7½% area, a trader said.

The Rule 144 and Regulation S deal is expected to price later in the week of May 17.

J.P. Morgan Securities LLC is the lead.

The notes come with three years of call protection.

The Shoreview, Minn. provider of checks and related services for small businesses and financial institutions plans to use the proceeds plus cash on hand and borrowings under its new senior secured credit facilities to acquire FAPS Holdings Inc. and pay off its revolver.

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