Presidio driving by with $100 million tap of 8¼% notes due 2028; initial talk 98.76 to 99

By Paul A. Harris

Portland, Ore., March 28 – Presidio Holdings Inc. plans to price a $100 million add-on to its 8¼% senior notes due Feb. 1, 2028 (expected ratings Caa1/CCC+) in a Monday drive-by, according to a syndicate source.

Price talk is 98.76 to 99.

Citigroup Global Markets Inc., J.P. Morgan Securities LLC, RBC Capital Markets LLC, BofA Securities Inc., BC Partners and MUFG are the joint bookrunners for the Rule 144A and Regulation S for life add-on.

The notes become callable on Feb. 1, 2023 at 104.125.

The New York-based provider of IT solutions plans to use the proceeds for general corporate purposes, which may include potential acquisitions, capital expenditures and working capital.

The original $400 million issue priced in January 2020.

The Rule 144A notes will immediately become fungible with the original notes. The Regulation S notes will become fungible with the original notes following a 40-day cooling period.

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