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Moody’s prices tender offer for 2.625% senior notes due 2023
By Wendy Van Sickle
Columbus, Ohio, Aug. 8 – Moody’s Corp. announced pricing of its cash tender offer for any and all of its $500 million outstanding 2.625% senior notes due 2023 (Cusip: 615369AK1), according to a news release.
The company will pay a consideration of $997.70 per $1,000 principal amount. Pricing took place on Aug. 8 at 2 p.m. ET based on a fixed spread of 15 basis points plus the yield of the reference rate of the 1.5% U.S. Treasury due Jan. 15, 2023.
The tender offer was announced on Aug. 2 and was to expire at 5 p.m. ET on Aug. 8, which was also the withdrawal deadline.
Accrued interest will also be paid from the last interest payment date of July 15 to the settlement date, which is expected to be Aug. 9.
Notes validly tendered by notice of guaranteed delivery and accepted for purchase are expected to be purchased on the second business day after the settlement date.
This tender offer is subject to the satisfaction or waiver of certain conditions, including the successful completion by Moody’s of an offering of new senior notes that generates net profits sufficient to fund the redemption. The new notes are not conditioned on the completion of the tender offer.
Moody’s expects to redeem any notes remaining outstanding after the completion of the tender offer in accordance with the terms and conditions of the notes.
Citigroup Global Markets Inc. (212 723-6106, 800 558-3745) will act as the dealer manager.
Global Bondholder Services Corp. (212 430-3774, 855 654 2014, contact@gbsc-usa.com, gbsc-usa.com/moodys/) is the depositary and information agent for the offer.
New York City-based Moody’s is the parent company of credit ratings agency Moody’s Investors Service.
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