By Paul A. Harris
St. Louis, June 18 - Lender Processing Services priced a downsized and restructured $375 million issue of eight-year senior notes (Ba2/BB+) at par to yield 8 1/8% on Wednesday, according to a market sources.
The yield was printed at the tight end of the 8¼% area price talk.
The bond issue was downsized from $400 million with $25 million being shifted to the company's term loan B which was upsized to $510 million from $485 million.
Meanwhile the call protection on the notes was decreased to three years from four years. The notes will become callable on July 1, 2011 at 106.094.
J.P. Morgan Securities Inc., Banc of America Securities LLC and Wachovia Securities were joint bookrunners for the Rule 144A with registration rights issue.
Proceeds will be used to fund help the tax-free spinoff of the company from Fidelity National Information Services Inc.
The company provides outsourced information services to mortgage lenders.
| Issuer: | Lender Processing Services
|
| Amount: | $375 million, downsized from $400 million with $25 million shifted to term loan B
|
| Maturity: | July 1, 2016
|
| Security description: | Senior notes
|
| Bookrunners: | J.P. Morgan Securities Inc., Banc of America Securities LLC, Wachovia Securities
|
| Coupon: | 8 1/8%
|
| Price: | Par
|
| Yield: | 8 1/8%
|
| Spread: | 417 bps
|
| Call protection: | First call July 1, 2011 at 106.094 (call protection decreased to three years from four years)
|
| Trade date: | June 18
|
| Settlement date: | July 2
|
| Ratings: | Moody's: Ba2
|
| Standard & Poor's: BB+
|
| Distribution: | Rule 144A with registration rights
|
| Price talk: | 8¼% area
|
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