By Paul A. Harris
Portland, Ore., April 6 – Unisys Corp. priced a $440 million issue of five-year senior secured notes (B1) at par to yield 10¾% on Friday, according to market sources.
There was no widely circulated price talk in the market, according to a New York-based trader.
J.P. Morgan Securities LLC was the lead.
Unisys, a Blue Bell, Pa.-based information technology company, plans to use the proceeds to redeem its outstanding 6¼% senior notes due 2017 in full and for general corporate purposes, which may include funding cost reduction and savings initiatives, obligations under its defined benefit plans, and investments in next-generation services and technologies.
| Issuer: | Unisys Corp.
|
| Amount: | $440 million
|
| Maturity: | April 15, 2022
|
| Securities: | Senior secured notes
|
| Lead manager: | J.P. Morgan Securities LLC
|
| Coupon: | 10¾%
|
| Price: | Par
|
| Yield: | 10¾%
|
| Call protection: | Three years
|
| Trade date: | April 7
|
| Settlement date: | April 17
|
| Rating: | Moody's: B1
|
| Distribution: | Rule 144A and Regulation S
|
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