Published on 9/12/2012 in the Prospect News High Yield Daily.
New Issue: Nuveen Investments prices $1.15 billion of five-, eight-year notes
By Paul A. Harris
Portland, Ore., Sept. 12 - Nuveen Investments, Inc. priced $1,145,000,000 senior notes in a two-part offering (Caa2/CCC/), which saw $100 million shifted to the shorter maturity tranche from the longer maturity tranche.
The Chicago-based investment services provider priced an upsized $500 million tranche of five-year notes at par to yield 9 1/8%. The tranche size was increased from $400 million, and the notes priced at the wide end of price talk, which had been set in the 9% area.
Nuveen also priced a downsized $645 million tranche of eight-year notes at par to yield 9½%. The long tranche was downsized from $745 million, and the notes also priced at the wide end of price talk, which was 9¼% to 9½%.
Deutsche Bank Securities Inc., Bank of America Merrill Lynch, Morgan Stanley & Co. LLC, RBC Capital Markets, UBS Securities Inc. and Wells Fargo Securities LLC were the joint bookrunners.
Proceeds will be used to fund the tender offer for the company's 10½% senior notes due 2015 and to repay bank debt.
| Issuer: | Nuveen Investments, Inc.
|
| Amount: | $1,145,000,000
|
| Securities: | Senior notes
|
| Bookrunners: | Deutsche Bank Securities Inc., Bank of America Merrill Lynch, Morgan Stanley & Co. LLC, RBC Capital Markets, UBS Securities Inc., Wells Fargo Securities LLC
|
| Co-managers: | Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, Barclays, BMO Securities
|
| Trade date: | Sept. 12
|
| Settlement date: | Sept. 19
|
| Ratings: | Moody's: Caa2
|
| Standard & Poor's: CCC
|
| Distribution: | Rule 144A with registration rights
|
| Marketing: | Roadshow
|
|
|
| Five-year notes
|
| Amount: | $500 million, increased from $400 million
|
| Maturity: | Oct. 15, 2017
|
| Coupon: | 9 1/8%
|
| Price: | Par
|
| Yield: | 9 1/8%
|
| Spread: | 843 bps
|
| First call: | Oct. 15, 2014 at 106.844
|
| Price talk: | 9% area
|
|
|
| Eight-year notes
|
| Amount: | $645 million, decreased from $745 million
|
| Maturity: | Oct. 15, 2020
|
| Coupon: | 9½%
|
| Price: | Par
|
| Yield: | 9½%
|
| Spread: | 815 bps
|
| First call: | Oct. 15, 2016 at 104.75
|
| Price talk: | 9¼% to 9½%
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
