By Paul A. Harris
Portland, Ore., Aug. 13 – Stagwell Inc. priced a $1 billion issue of eight-year senior notes (B3/B) at par to yield 5 5/8% on Thursday, according to market sources.
The yield printed in the middle of yield talk in the 5 5/8% area and at the wide end of initial guidance in the mid-5% area.
The deal was trading Friday morning at par bid, par ½ offered, a bond trader said.
J.P. Morgan Securities LLC managed the notes sale.
The notes were issued via Midas Opco Holdings LLC.
The New York-based marketing services provider plans to use the proceeds to redeem all $870.3 million of its outstanding 7½% senior notes due 2024, to pay down its credit facility and for general corporate purposes.
Issuer: | Midas Opco Holdings LLC
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Amount: | $1 billion
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Maturity: | Aug. 15, 2029
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Securities: | Senior notes
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Lead: | J.P. Morgan Securities LLC
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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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Spread: | 441 bps
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Call protection: | Three years
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Trade date: | Aug. 12
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Settlement date: | Aug. 20
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Ratings: | Moody's: B3
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| S&P: B
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Distribution: | Rule 144A and Regulation S
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Price talk: | 5 5/8% area
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Marketing: | Roadshow
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