By Paul A. Harris
Portland, Ore., June 18 – Gartner, Inc. priced an upsized $800 million issue of eight-year senior notes (Ba3/BB) at par to yield 4½% in a Thursday drive-by, according to market sources.
Bookrunners were J.P. Morgan Securities LLC, Citizens Capital Markets Inc., TD Securities (USA) LLC, U.S. Bancorp Investments Inc., Wells Fargo Securities LLC, BofA Securities Inc. and SunTrust Robinson Humphrey Inc.
The issue size increased from $500 million.
The yield came at the tight end of the 4½% to 4¾% yield talk. Initial was in the 4¾%.
The Stamford, Conn.-based information technology research and advisory company plans to use the proceeds, together with cash on hand, to pay down its term loan A and to pay off its existing revolver.
| Issuer: | Gartner, Inc.
|
| Amount: | $800 million, increased from $500 million
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| Maturity: | July 1, 2028
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| Securities: | Senior notes
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| Bookrunners: | J.P. Morgan Securities LLC, Citizens Capital Markets Inc., TD Securities (USA) LLC, U.S. Bancorp Investments Inc., Wells Fargo Securities LLC, BofA Securities Inc. and SunTrust Robinson Humphrey Inc.
|
| Coupon: | 4½%
|
| Price: | Par
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| Yield: | 4½%
|
| Call protection: | Three years
|
| Trade date: | June 18
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| Settlement date: | June 22
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| Ratings: | Moody's: Ba3
|
| S&P: BB
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 4½% to 4¾%
|
| Marketing: | Drive-by
|
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