By Paul A. Harris
Portland, Ore., May 24 – Nielsen Holdings priced an upsized $1.25 billion of senior notes (B2/BB) in two tranches in a Monday drive-by, according to market sources.
The deal came in an upsized $625 million tranche of eight-year notes, which priced at par to yield 4½%, in the middle of yield talk in the 4½% area and in line with initial guidance in the mid-4% area. The tranche size increased from $500 million.
The offering also featured an upsized $625 million tranche of 10-year notes, which priced at par to yield 4¾%, in the middle of yield talk in the 4¾% area and tight to initial guidance in the high-4% area.
J.P. Morgan Securities LLC was at the left of a syndicate of bookrunners that also included Citigroup Global Markets Inc., BNP Paribas Securities Corp., HSBC Securities (USA) Inc., Mizuho Securities USA Inc., MUFG and Wells Fargo Securities LLC.
The issuing entities are Nielsen Finance LLC and Nielsen Finance Co., both indirect, wholly owned subsidiaries of Nielsen Holdings.
The New York-based information, data and market measurement company plans to use the proceeds plus cash on hand to pay off its dollar term B-5 loans outstanding under a credit agreement dated June 4, 2020, to prepay all of the class B-2 euro term loans outstanding under its sixth amended and restated credit agreement dated July 21, 2020 and to partially prepay its euro term B-3 loans.
| Issuers: | Nielsen Finance LLC and Nielsen Finance Co.
|
| Amount: | $1.25 billion, increased from $1 billion
|
| Securities: | Senior notes
|
| Bookrunners: | J.P. Morgan Securities LLC, Citigroup Global Markets Inc., BNP Paribas Securities Corp., HSBC Securities (USA) Inc., Mizuho Securities USA Inc., MUFG and Wells Fargo Securities LLC
|
| Trade date: | May 24
|
| Ratings: | Moody's: B2
|
| S&P: BB
|
| Distribution: | Rule 144A and Regulation S
|
| Marketing: | Drive-by
|
|
|
| Eight-year notes
|
| Amount: | $625 million, increased from $500 million
|
| Maturity: | June 15, 2029
|
| Coupon: | 4½%
|
| Price: | Par
|
| Yield: | 4½%
|
| Spread: | 310 bps
|
| Call protection: | Three years
|
| Price talk: | 4½% area
|
|
|
| 10-year notes
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| Amount: | $625 million, increased from $500 million
|
| Maturity: | June 15, 2031
|
| Coupon: | 4¾%
|
| Price: | Par
|
| Yield: | 4¾%
|
| Spread: | 310 bps
|
| Call protection: | Five years
|
| Price talk: | 4¾% area
|
|
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