NCR upsized notes offering to $1.35B at 9.5% due 2029; maturity shortened to 5.5 years

NCR Voyix Corp

Upsized aggregate principal amount to $1.35B from $1.05B; priced at 98.750% of par for 9.500% senior secured notes due 2029.
Maturity shortened from seven to five and a half years.
Notes to be obligations of NCR Atleos after spin-off; gross proceeds held in escrow pending spin-off expected Q4 2023.
Proceeds to finance cash distribution to NCR to repay existing debt, plus fees and general corporate purposes.
Spin-off not conditioned on note closing; special mandatory redemption if spin-off not consummated by Dec. 31, 2023.

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