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SS&C Technologies ups $750M high yield bond offering to $2B

Market pros see leveraged loan default rate holding at low levels

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As specter of rate cuts grows, investors retreat from leveraged loan asset class

Retail investors flock to US high yield bond funds with $1.8B inflow


SS&C Technologies ups $750M high yield bond offering to $2B

SS&C Technologies has priced $2 billion of 8.5-year unsecured notes at the tight end of talk, sources said. The offering was upsized from $750 million, and marketed via joint bookrunners for the deal were Morgan Stanley, Credit Suisse, Citi, BAML, and Oppenheimer. Proceeds will be used to repay a portion of existing term loans under the company’s senior secured credit facilities. S&P Global Ratings views the transaction as leverage neutral. SS&C Technologies (Nasdaq: SSNC) provides software products and software-enabled services to financial services providers. Terms:

Issuer SS&C Technologies
Ratings B+/B2
Amount $2 billion
Issue Senior (144A/Reg S for life)
Coupon 5.5%
Price 100
Yield 5.5%
Spread T+291
Maturity Sept. 30, 2027
Call non-call three (first call @ par +75% coupon)
Trade March 14, 2019
Settle March 28, 2019 (T+10)
Joint bookrunners MS/CS/C/BAML/Oppenheimer
Talk 5.5-5.75%
Notes Upsized frpm $750 million; up-to-40% equity claw @ 105.5 until March 30, 2022; make-whole @ T+50; change of control put @ 101

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