By Paul A. Harris
Portland, Ore., June 15 – Gartner, Inc. priced a $600 million issue of eight-year senior notes (Ba3/BB+) at par to yield 3 5/8% in a Tuesday drive-by, according to market sources.
The amount was initially announced as $500 million, but was increased according to a press release late in the day.
The yield printed at the tight end of yield talk in the 3¾% area. Initial guidance was in the high 3% to 4% area.
J.P. Morgan Securities LLC managed the notes sale.
The Stamford, Conn.-based technology research and advisory services provider plans to use the proceeds to pay down its term loan and for general corporate purposes.
| Issuer: | Gartner, Inc.
|
| Amount: | $600 million
|
| Maturity: | June 15, 2029
|
| Securities: | Senior notes
|
| Lead: | J.P. Morgan Securities LLC
|
| Coupon: | 3 5/8%
|
| Price: | Par
|
| Yield: | 3 5/8%
|
| Spread: | 231 bps
|
| Call protection: | Three years
|
| Trade date: | June 15
|
| Settlement date: | June 18
|
| Ratings: | Moody's: Ba3
|
| S&P: BB+
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 3¾% area
|
| Marketing: | Drive-by
|
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