Published on 3/16/2017 in the Prospect News High Yield Daily.
New Issue: Gartner prices upsized $800 million eight-year notes at par to yield 5 1/8%
By Paul A. Harris
Portland, Ore., March 16 – Gartner, Inc. priced an upsized $800 million issue of eight-year senior notes (B1/BB-) at par to yield 5 1/8% on Thursday, according to a syndicate source.
The issue size was increased from $600 million.
The yield printed at the tight end of yield talk that was set in the 5¼% area.
Goldman Sachs & Co. was the left bookrunner. J.P. Morgan Securities LLC, Citizens, TD Securities, US Bank and Wells Fargo Securities LLC were the joint bookrunners.
The Stamford, Conn.-based information technology research and advisory company plans to use the proceeds to help fund its acquisition of CEB Inc.
| Issuer: | Gartner, Inc.
|
| Amount: | $800 million, increased from $600 million
|
| Maturity: | April 1, 2025
|
| Securities: | Senior notes
|
| Left bookrunner: Goldman Sachs
|
| Joint bookrunners: | J.P. Morgan Securities LLC, Citizens, TD Securities, US Bank, Wells Fargo Securities LLC
|
| Coupon: | 5 1/8%
|
| Price: | Par
|
| Yield: | 5 1/8%
|
| Call: | Make-whole call at Treasuries plus 50 bps until April 1, 2020, then callable at 103.844
|
| Special call: | Par plus accrued interest if the merger is not consummated by Oct. 5, 2017
|
| Traded date: | March 16
|
| Settlement date: | March 30
|
| Ratings: | Moody’s: B1
|
| Standard & Poor’s: BB-
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 5¼% area
|
| Marketing: | Quick to market
|
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