Published on 5/4/2016 in the Prospect News High Yield Daily.
New Issue: PTC prices $500 million eight-year notes at par to yield 6%
By Paul A. Harris
Portland, Ore., May 4 – PTC, Inc. priced a $500 million issue of eight-year senior notes (Ba3/BB-) at par to yield 6% on Wednesday, according to a market source.
The yield printed 12.5 basis points beneath the tight end of yield talk in the 6¼% area.
Initial yield guidance was 6¼% to 6½%, sources said.
Bookrunner J.P. Morgan Securities LLC is part of a syndicate of underwriters that includes Barclays, Fifth Third Securities Inc., HSBC Securities (USA) Inc., Janney Montgomery Scott LLC, KeyBanc Capital Markets Inc., RBC Capital Markets LLC, RBS Securities Inc., Santander Investment Securities Inc., SunTrust Robinson Humphrey Inc., TD Securities (USA) LLC, Huntington Investment Co. and U.S. Bancorp Investments Inc.
The Needham, Mass.-based software company plans to use the proceeds to pay down its revolving credit facility.
| Issuer: | PTC, Inc.
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| Amount: | $500 million
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| Maturity: | May 15, 2024
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| Securities: | Senior notes
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| Bookrunner: | J.P. Morgan Securities LLC
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| Co-managers: | Barclays, Fifth Third Securities Inc., HSBC Securities (USA) Inc., Janney Montgomery Scott LLC, KeyBanc Capital Markets Inc., RBC Capital Markets LLC, RBS Securities Inc., Santander Investment Securities Inc., SunTrust Robinson Humphrey Inc., TD Securities (USA) LLC, Huntington Investment Co., U.S. Bancorp Investments Inc.
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| Coupon: | 6%
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| Price: | Par
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| Yield: | 6%
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| Spread: | 434 bps
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| Call: | Make-whole call before May 15, 2019, then at 104.5
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| Equity clawback: | For up to 40% at 106 until May 15, 2019
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| Trade date: | May 4
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| Settlement date: | May 12
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| Ratings: | Moody's: Ba3
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| S&P: BB-
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| Distribution: | SEC registered
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| Price talk: | 6¼% area
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| Marketing: | Roadshow
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