By Andrea Heisinger
New York, Nov. 28 - Dun & Bradstreet Corp. tapped the market for an upsized $750 million of notes (/BBB+/BBB+) in two maturities on Wednesday, an informed source said.
The size of the trade was increased from $500 million.
There was a $450 million tranche of 3.25% five-year notes priced at 99.991 to yield 3.252% with a spread of Treasuries plus 262.5 basis points. The size of the tranche was increased from $250 million, the source said.
A $300 million tranche of 4.375% 10-year notes sold at 99.027 to yield 4.497% with a spread of Treasuries plus 287.5 bps. The tranche size was increased from $250 million.
There is a change-of-control put at 101%.
Barclays and J.P. Morgan Securities LLC were the active bookrunners. Passive bookrunners were Bank of America Merrill Lynch and HSBC Securities (USA) Inc.
Proceeds will be used to redeem or repurchase $400 million of 6% senior notes due in April of 2013 and credit facility borrowings totaling $320 million.
Dun & Bradstreet was last in the market with a $300 million sale of 2.875% five-year notes priced at 150 bps over Treasuries on Nov. 17, 2010.
The business information provider is based in Short Hill, N.J.
| Issuer: | Dun & Bradstreet Corp.
|
| Issue: | Senior notes
|
| Amount: | $750 million, upsized from $500 million
|
| Bookrunners: | Barclays, J.P. Morgan Securities LLC (active), Bank of America Merrill Lynch, HSBC Securities (USA) Inc. (passive)
|
| Co-managers: | Mitsubishi UFJ Securities (USA) Inc., RBS Securities Inc., Citigroup Global Markets Inc., Wells Fargo Securities LLC
|
| Change-of-control put: | 101%
|
| Trade date: | Nov. 28
|
| Settlement date: | Dec. 3
|
| Ratings: | Standard & Poor's: BBB+
|
| Fitch: BBB+
|
|
|
| Five-year notes
|
| Amount: | $450 million, upsized from $250 million
|
| Maturity: | Dec. 1, 2017
|
| Coupon: | 3.25%
|
| Price: | 99.991
|
| Yield: | 3.252%
|
| Spread: | Treasuries plus 262.5 bps
|
| Call: | Make-whole at Treasuries plus 40 bps
|
|
|
| 10-year notes
|
| Amount: | $300 million, upsized from $250 million
|
| Maturity: | Dec. 1, 2022
|
| Coupon: | 4.375%
|
| Price: | 99.027
|
| Yield: | 4.497%
|
| Spread: | Treasuries plus 287.5 bps
|
| Call: | Make-whole at Treasuries plus 45 bps to Sept. 1, 2022, par call after
|
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