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Published on 10/11/2013 in the Prospect News High Yield Daily.

New Issue: syncreon prices $225 million eight-year notes at par to yield 8 5/8%

By Paul A. Harris

Portland, Ore., Oct. 11 - syncreon Global priced a $225 million issue of eight-year senior notes (Caa1/CCC+) at par to yield 8 5/8% on Friday, according to market source.

The yield printed at the tight end of yield talk set in the 8¾% area.

Goldman Sachs & Co., Morgan Stanley & Co. LLC and UBS Investment Bank were the joint bookrunners.

Proceeds will be used to help fund Centerbridge Partners LP's acquisition of a 40% minority stake in the company, as well as to refinance debt and to put cash on the balance sheet.

The issuer is an Auburn Hills, Mich.-based provider of customized supply chain services.

Issuer:syncreon Global BV
Amount:$225 million
Maturity:Nov. 1, 2021
Securities:Senior notes
Bookrunners:Goldman Sachs & Co., Morgan Stanley & Co. LLC, UBS Investment Bank
Coupon:8 5/8%
Price:Par
Yield:8 5/8%
Spread:628 bps
First call:Make-whole at Treasuries plus 50 bps for the first three years, then callable at 106.469
Trade date:Oct. 11
Settlement date:Oct. 28
Ratings:Moody's: Caa1
Standard & Poor's: CCC+
Distribution:Rule 144A and Regulation S
Price talk:8¾% area
Marketing:Roadshow

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