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Published on 9/28/2012 in the Prospect News Investment Grade Daily and Prospect News Liability Management Daily.

NYSE Euronext prices offer for 4.8% notes, gets tenders for 44.7%

By Susanna Moon

Chicago, Sept. 28 - NYSE Euronext said holders tendered $335,023,000, or 44.7%, of its outstanding $750 million 4.8% notes due 2013 by the early tender deadline at 5 p.m. ET on Sept. 27.

The total purchase price will be $1,032.98 for each $1,000 principal amount of notes tendered by the early tender date, including a premium of $30.00 per $1,000 of notes.

Pricing for the 4.8% notes was set at 11 a.m. ET on Sept. 27 using the 0.375% U.S. Treasury notes due June 30, 2013 plus a fixed spread of 10 basis points. The reference yield was 0.178%.

NYSE Euronext said on Sept. 14 that it began cash tender offers to purchase its outstanding 4.8% notes and up to €250 million of its outstanding €1 billion 5.375% notes due 2015.

Pricing for the 5.375% notes will be set using the Bund OBL 1.75% notes due Oct. 9, 2015 plus 132 bps, according to a previous press release.

The total price for the 5.375% notes will include an early tender premium of €30 per €1,000 principal amount tendered by the early tender date.

Holders also will receive accrued interest up to but excluding the payment date, which will be Oct. 5 for early tendered notes and Oct. 15 for the remaining notes.

The offer will continue until 11:59 p.m. ET on Oct. 12. Tendered notes may no longer be withdrawn.

Those who tender their notes after the early deadline will not receive the early premium.

If the amount of tendered 5.375% notes exceeds the offer cap, the notes will be purchased on a pro rata basis, according to the previous release.

The offers are conditioned on the completion of a new debt offering by the company with proceeds of $750 million. They are not conditioned on the tender of any minimum amount of notes, and neither offer is conditioned on the closing of the other.

Bank of America Merrill Lynch (888 292-0070 or collect 980 683-3215), UBS Investment Bank (888 719-4210 or collect 203 719-4210) and Wells Fargo Securities LLC (866 309-6316 or collect 704 715-8341) are the dealer managers of the U.S. tender offer. Societe Generale Corporate and Investment Banking (212 278-6964 for U.S. persons, +33 1 58 98 45 81 for non-U.S. persons or email liability.management@sgcib.com), Credit Agricole CIB (+44 20 7214 7408, +44 20 7214 6712 or email steve.sahara@ca-cib.com, jonathan.blondeau@ca-cib.com) and Lloyds Bank (+44 20 7158 3981 or email liability.management@lloydsbanking.com) are the dealer managers of the euro tender offer.

D.F. King & Co., Inc. (800 207-3158 or e-mail nyseeuronext@dfking.com) is the tender agent and information agent for the U.S. offer, and Lucid Issuer Services Ltd. (+44 20 7704 0880 or e-mail nyseeuronext@lucid-is.com) is the tender agent for the euro offer.

NYSE Euronext is a New York-based operator of financial markets and provider of trading technologies.


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