By Paul A. Harris
Portland, Ore., Sept. 10 – Nielsen Holdings plc priced an upsized $1.75 billion of senior notes (B2/BB-) in two tranches on Thursday, according to market sources.
An upsized $1 billion tranche of eight-year notes priced at par to yield 5 5/8%. The tranche size increased from $500 million. The yield printed at the tight end of yield talk in the 5¾% area and tight to initial talk in the high 5% area to 6%.
The deal also included an upsized $750 million tranche of 10-year notes, which priced at par to yield 5 7/8%. The tranche size increased from $500 million. The yield printed at the tight end of yield talk in the 6% area. Initial talk that had the 10-year notes coming 25 basis points behind the eight-year notes.
The overall amount of issuance was upsized from $1 billion and was heard to be playing to an order book 2.5-times that size on Thursday morning, a trader said.
J.P. Morgan Securities LLC was the lead bookrunner. Joint bookrunners were BNP Paribas Securities Corp., Citigroup Global Markets Inc., HSBC Securities (USA) Inc., Mizuho Securities USA Inc., MUFG and Wells Fargo Securities LLC.
The notes were sold via Nielsen Finance LLC and Nielsen Finance Co.
The New York-based media and marketing analytics services provider plans to use the proceeds to fund partial redemptions of the Nielsen Co. (Luxembourg) Sarl 5½% senior notes due 2021 and 5% senior notes due 2022.
| Issuers: | Nielsen Finance LLC and Nielsen Finance Co.
|
| Amount: | $1.75 billion, increased from $1 billion
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| Securities: | Senior notes
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| Bookrunners: | J.P. Morgan Securities LLC, BNP Paribas Securities Corp., Citigroup Global Markets Inc., HSBC Securities (USA) Inc., Mizuho Securities USA Inc., MUFG and Wells Fargo Securities LLC
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| Trade date: | Sept. 10
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| Settlement date: | Sept. 24
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| Ratings: | Moody's: B2
|
| S&P: BB-
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| Distribution: | Rule 144A and Regulation S
|
| Marketing: | Roadshow
|
|
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| Eight-year notes
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| Amount: | $1 billion, increased from $500 million
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| Maturity: | Oct. 1, 2028
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| Coupon: | 5 5/8%
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| Price: | Par
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| Yield: | 5 5/8%
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| Call protection: | Three years
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| Price talk: | 5¾% area
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|
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| 10-year notes
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| Amount: | $750 million, increased from $500 million
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| Maturity: | Oct. 1, 2030
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| Coupon: | 5 7/8%
|
| Price: | Par
|
| Yield: | 5 7/8%
|
| Call protection: | Five years
|
| Price talk: | 6% area
|
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