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NCR bonds price tight to talk, at par to yield 4.625%; terms

NCR this afternoon completed an offering of senior notes via bookrunners J.P. Morgan, Bank of America, RBC, Wells Fargo, and SunTrust, according to sources. Terms on the company’s return to market after three months were inked tight to talk after a $100 million upsizing, to $500 million. Funds raised from the deal, combined with cash on hand and revolver borrowings, will be used to fund the $650 million acquisition of Retalix that was announced last week. NCR is paying $30 per share for the company, which provides software and services to the retail industry. Terms:

Issuer NCR Corp.
Ratings BB/Ba2
Amount $500 million
Issue senior notes (144A)
Coupon 4.625%
Price 100
Yield 4.625%
Spread T+339
FRN eq. L+334
Maturity Feb. 15, 2021
Call nc4
Trade Dec. 4, 2012
Settle Dec. 18, 2012 (t+10)
Jt. Books JPM/BAML/RBC/WFS/STRH
Px talk 4.75% area
Notes upsized by $100 million.

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