Moody’s announces pricing for tender offer; no more notes accepted

Chicago, Dec. 14 – Moody’s Corp. announced the pricing terms of its tender offer after announcing the early results on Tuesday evening for its offer to purchase for cash up to $100 million aggregate purchase price of its outstanding notes from four series, according to a press release.

The following notes were part of the tender offer, with pricing details now included after terms were set at 10 a.m. ET on Dec. 14:

• $200,344,000, or 40.07%, of the $500 million outstanding 2.55% senior notes due 2060 (Cusip: 615369AU9) with pricing to be calculated using the 3% U.S. Treasury due Aug. 15, 2052 and a fixed spread of 110 basis points for a total consideration of $628.52;

• $214,392,000, or 42.88%, of the $500 million outstanding 3.1% senior notes due 2061 (Cusip: 615369AX3) with pricing to be calculated using the 3% U.S. Treasury due Aug. 15, 2052 and a fixed spread of 125 bps for a total consideration of $701.90;

• $164,925,000, or 27.49%, of the $600 million outstanding 2.75% senior notes due 2041 (Cusip: 615369AV7) with pricing to be calculated using the 4% U.S. Treasury due Nov. 15, 2042 and a fixed spread of 110 bps for a total consideration of $745.10; and

• $65,026,000 of the $300 million outstanding 3.25% senior notes due 2050 (Cusip: 615369AT2) with pricing to be calculated using the 3% U.S. Treasury due Aug. 15, 2052 and a fixed spread of 135 bps for a total consideration of $752.73.

All of the considerations are based on par of $1,000 notes.

The offer was oversubscribed. As reported on Tuesday, Moody’s announced that it was increasing the maximum amount in the tender offer to accept all of the 2.55% senior notes due 2060 tendered in the offer.

The total consideration includes an early tender payment of $50 per $1,000 principal amount of notes tendered by the early tender date.

The company will pay accrued interest to but excluding the settlement date.

The early tender date was 5 p.m. ET on Dec. 13, also the withdrawal deadline.

Early settlement is expected to occur on Dec. 15.

The offer will expire at 11:59 p.m. ET at the end of Dec. 28.

No more notes will be accepted for purchase.

Citigroup Global Markets Inc. (212 723-6106 or 800 558-3745) is the dealer manager for the offer.

Global Bondholder Services Corp. (https://www.gbsc-usa.com/moodys/; 212 430-3774 or 855 654-2014; contact@gbsc-usa.com) is the depositary and information agent.

Moody’s is a New York-based risk assessment firm and the parent company of credit ratings agency Moody’s Investors Service.

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