By Paul A. Harris
Portland, Ore., Nov. 8 – Neptune BidCo US Inc. priced $1.96 billion of 9.29% senior secured notes due April 15, 2029 (B2/B/BB) backing the buyout of Nielsen Holdings plc, according to market sources.
The notes priced on Tuesday at 92.294 to yield 11%.
The coupon came on top of coupon talk. The issue price came rich to the 91.23 to 92.29 price talk. The yield printed at the tight end of the 11% to 11¼% yield talk.
Following covenant changes, the order book grew to $3 billion, a bond trader said.
Timing was accelerated, as the deal had been expected to remain in the market until Wednesday.
As the terms circulated after Tuesday's close, the deal is expected to begin trading on Wednesday morning, the source added.
BofA Securities Inc. was the left bookrunner. Joint bookrunners were Barclays, Mizuho Securities USA Inc., Credit Suisse Securities (USA) LLC, HSBC Securities (USA) Inc., KKR Capital Markets, Nomura Securities International Inc., Citigroup Global Markets Inc., BMO Capital Markets Corp., Goldman Sachs & Co. LLC, Jefferies LLC, Macquarie Group Ltd., Morgan Stanley & Co. LLC, RBC Capital Markets LLC, BNP Paribas Securities Corp., CIBC World Markets Corp., Truist Securities Inc., Fifth Third Securities Inc. and MUFG.
Proceeds will be used to refinance the bridge facility used, together with other secured debt and equity, to find the acquisition of Nielsen by Evergreen Coast Capital Corp., an affiliate of Elliott Investment Management LP and Brookfield Business Partners LP.
Nielsen is a New York-based media data and analytics company.
| Issuer: | Neptune BidCo US Inc.
|
| Amount: | $1.96 billion
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| Issue: | Senior secured notes
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| Maturity: | April 15, 2029
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| Left bookrunner: | BofA Securities Inc.
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| Joint bookrunners: | Barclays, Mizuho Securities USA Inc., Credit Suisse Securities (USA) LLC, HSBC Securities (USA) Inc., KKR Capital Markets, Nomura Securities International Inc., Citigroup Global Markets Inc., BMO Capital Markets Corp., Goldman Sachs & Co. LLC, Jefferies LLC, Macquarie Group Ltd., Morgan Stanley & Co. LLC, RBC Capital Markets LLC, BNP Paribas Securities Corp., CIBC World Markets Corp., Truist Securities Inc., Fifth Third Securities Inc. and MUFG
|
| Coupon: | 9.29%
|
| Price: | 92.294
|
| Yield: | 11%
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| Spread: | 670 bps
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| First call: | Oct. 15, 2025 at 104.645
|
| Trade date: | Nov. 8
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| Settlement date: | Nov. 16
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| Ratings: | Moody's: B2
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| S&P: B
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| Fitch: BB
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| Distribution: | Rule 144A and Regulation S
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| Price talk: | 9.29% coupon at 91.23 to 92.29 to yield 11% to 11¼%
|
| Marketing: | Roadshow
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