Conduent premarkets refinancing package

Conduent is giving early looks at a refinancing package split between loan and bond debt, according to two sources familiar with the situation.

The bond portion of the financing is led by Citi, the sources and an additional source familiar with the matter said. JPMorgan and Bank of America are also assisting in conducting the non-deal roadshow, two of the sources said. The financing is expected to total roughly USD 1.5bn, they added.

The company has been making the rounds, approaching investors in the market over the last few weeks, the first two sources continued. The offering is expected to officially launch next week, said one of the sources.

Proceeds would take aim at refinancing the issuer’s existing capital structure, including a USD 278m Libor+ 225bps TLA due December 2021; USD 414m L+ 175bps TLA due December 2022; USD 850m L+ 250bps TLB due December 2023; and a EUR 255m Euribor+ 175bps TLA due December 2022.

Conduent’s TLA due 2021 is quoted 97.25/98.75, while its TLB due 2023 is quoted 98.725/99.575, both in line with recent levels, according to Markit.

Citi and JPMorgan declined to comment. Conduent and Bank of America did not respond to requests for comment.

2021 Debtwire

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