By Paul A. Harris
Portland, Ore., March 14 - Ceridian Corp. priced an upsized $475 million issue of eight-year senior notes (Caa3/CCC/) at par to yield 11% on Thursday, according to a market source.
The deal was upsized from $400 million, and the yield printed at the tight end of the 11% to 11¼% yield talk.
Deutsche Bank Securities Inc., Credit Suisse Securities (USA) LLC and BofA Merrill Lynch managed the sale.
Proceeds will be used to refinance debt.
Ceridian is a Minneapolis-based provider of human resources, transportation and retail information management services.
| Issuer: | Ceridian Corp.
|
| Amount: | $475 million
|
| Maturity: | March 15, 2021
|
| Securities: | Senior notes
|
| Managers: | Deutsche Bank Securities Inc., Credit Suisse Securities (USA) LLC, BofA Merrill Lynch
|
| Coupon: | 11%
|
| Price: | Par
|
| Yield: | 11%
|
| Spread: | 943 bps
|
| Call protection: | Make-whole call at Treasuries plus 50 bps until March 15, 2016, then callable at a premium
|
| Trade date: | March 14
|
| Settlement date: | March 21
|
| Ratings: | Moody's: Caa3
|
| Standard & Poor's: CCC
|
| Price talk: | 11% to 11¼%
|
| Marketing: | Roadshow
|
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