New Issue: Alliance Data Systems prices upsized €400 million five-year notes at par to yield 4½%

By Paul A. Harris

Portland, Ore., March 9 – Alliance Data Systems Corp. priced an upsized €400 million issue of unrated five-year senior notes at par to yield 4½% on Thursday, according to a market source.

Joint bookrunner BNP Paribas Securities Corp. will bill and deliver. J.P. Morgan Securities LLC and Deutsche Bank Securities Inc. were also joint bookrunners.

The Plano, Texas-based provider of data-driven marketing and loyalty solutions plans to use the proceeds to repay a portion of the outstanding debt under its revolving line of credit and for general corporate purposes.

Issuer:	Alliance Data Systems Corp.
Amount:	€400 million, increased from €300 million
Maturity:	March 15, 2022
Securities:	Senior notes
Bookrunners:	BNP Paribas Securities Corp. (bill and deliver), J.P. Morgan Securities LLC, Deutsche Bank Securities Inc.
Co-managers:	RBC Capital Markets LLC, SunTrust Robinson Humphrey Inc., BBVA Securities Inc., BofA Merrill Lynch, CIBC, Mizuho Securities USA Inc., Morgan Stanley & Co. LLC, Scotia Capital
Coupon:	4½%
Price:	Par
Yield:	4½%
Spread:	514 bps
Call:	Make-whole call at Bunds plus 50 bps until March 15, 2019, then callable at 102.25
Equity clawback:	35% at 104.5 until March 15, 2019
Trade date:	March 9
Settlement date:	March 14
Ratings:	Not rated
Distribution:	Rule 144A and Regulation S
Marketing:	Roadshow

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