Asia sees first HY bond-financed LBO since 2011

Blackstone-backed Pactera raises the region’s latest high-yield debt used to fund a leverage buyout.

Pactera, a Chinese IT consulting and outsourcing company, has sold a $275 million seven-year bond Asia’s first high-yield note used to fund a LBO transaction since 2011. 

The bond - that is callable in the third year - was issued on Thursday through Pactera sponsor BCP Singapore VI Cayman Financing and is the first seven-year LBO financing package for a Greater China deal.

Pactera’s deal has a coupon of 8%, which is the lowest coupon of any Asia sponsor high-yield bond, note sources close with the deal.

The proceeds will be used to finance Blackstone Group consortium’s proposed acquisition of Nasdaq-listed Pactera...

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