Chicago, March 2 – Verisk Analytics, Inc. sold $500 million of 5.75% senior notes due 2033 (Baa2/BBB/BBB+) on Thursday, according to an FWP filed with the Securities and Exchange Commission.
The notes priced at 99.039 to yield 5.877%, or at Treasuries plus 180 basis points.
Verisk may call the notes with a Treasuries plus 30 bps make-whole premium until the last three months before the maturity date when there will be a par call option.
BofA Securities Inc., HSBC Securities (USA) Inc., J.P. Morgan Securities LLC, Wells Fargo Securities LLC and Citigroup Global Markets Inc. are the joint bookrunners.
Proceeds will be used for general corporate purposes, which are expected to include stock repurchases according to a stock repurchase authorization that became effective on the closing of the sale of Verisk’s energy business and the repayment of remaining amounts outstanding under the company’s syndicated revolving credit facility.
The data analytics provider is based in Jersey City, N.J.
| Issuer: | Verisk Analytics, Inc.
|
| Amount: | $500 million
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| Issue: | Senior notes
|
| Maturity: | April 1, 2033
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| Bookrunners: | BofA Securities Inc., HSBC Securities (USA) Inc., J.P. Morgan Securities LLC, Wells Fargo Securities LLC and Citigroup Global Markets Inc.
|
| Co-managers: | KeyBanc Capital Markets Inc., Morgan Stanley & Co. LLC and TD Securities (USA) LLC
|
| Trustee: | Wells Fargo Bank, NA
|
| Counsel to issuer: | Davis Polk & Wardwell LLP
|
| Counsel to underwriters: | Simpson Thacher & Bartlett LLP
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| Coupon: | 5.75%
|
| Price: | 99.039
|
| Yield: | 5.877%
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| Spread: | Treasuries plus 180 bps
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| Call features: | Make-whole call at Treasuries plus 30 bps until Jan. 1, 2033; thereafter at par
|
| Trade date: | March 2
|
| Settlement date: | March 7
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| Ratings: | Moody’s: Baa2
|
| S&P: BBB
|
| Fitch: BBB+
|
| Distribution: | SEC registered
|
| Cusip: | 92345YAH9
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