Published on 12/8/2021 in the Prospect News High Yield Daily.
New Issue: Dun & Bradstreet prices $460 million 5% eight-year notes at par
By Paul A. Harris
Portland, Ore., Dec. 8 – Dun & Bradstreet Corp. priced a $460 million issue of eight-year senior notes (Caa1/B-/BB-) at par to yield 5% in a Wednesday drive-by, according to market sources.
The yield printed at the tight end of the 5% to 5¼% yield talk. Initial guidance was in the 5½% area.
The deal appeared to go well, with the new Dun & Bradstreet 5% notes due 2029 trading around 101 at Wednesday's close, a trader said.
Goldman Sachs & Co. LLC was the left bookrunner. Joint bookrunners were BofA Securities Inc., J.P. Morgan Securities LLC, RBC Capital Markets LLC, Barclays, Citigroup Global Markets Inc., Truist Securities Inc., Wells Fargo Securities LLC, Citizens Capital Markets Inc., HSBC Securities (USA) Inc., Mizuho Securities USA Inc. and TD Securities (USA) LLC.
The New York-based commercial analytics company plans to use the proceeds to redeem its 10¼% senior notes due 2027.
| Issuer: | Dun & Bradstreet Corp.
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| Amount: | $460 million
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| Issue: | Senior notes
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| Maturity: | Dec. 15, 2029
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| Left bookrunner: | Goldman Sachs & Co. LLC
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| Joint bookrunners: | BofA Securities Inc., J.P. Morgan Securities LLC, RBC Capital Markets LLC, Barclays, Citigroup Global Markets Inc., Truist Securities Inc., Wells Fargo Securities LLC, Citizens Capital Markets Inc., HSBC Securities (USA) Inc., Mizuho Securities USA Inc. and TD Securities (USA) LLC
|
| Coupon: | 5%
|
| Price: | Par
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| Yield: | 5%
|
| Spread: | 357 bps
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| First call: | Dec. 15, 2024 at 102.5
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| Trade date: | Dec. 8
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| Settlement date: | Dec. 20
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| Ratings: | Moody's: Caa1
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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: | 5% to 5¼%
|
| Marketing: | Drive-by
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