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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