Chicago, March 30 – Lsega Financing plc detailed a five-part dollar-denominated offering of notes (A3/A) sold on Thursday, according to a press release.
The details include ratings, distribution, bookrunners, settlement date and use of proceeds.
The notes were guaranteed by London Stock Exchange Group plc.
The company sold a $500 million tranche of 0.65% notes due April 6, 2024 at a spread of Treasuries plus 40 basis points after talk in the Treasuries plus 70 bps area.
A $1 billion tranche due April 6, 2026 sold with a 1.375% coupon and a spread in the Treasuries plus 60 bps. Talk had been in the Treasuries plus 90 bps area.
A $1 billion tranche of seven-year notes priced with a 2% coupon and spread of Treasuries plus 75 bps. Price talk had been in the Treasuries plus 105 bps area.
The $1.25 billion 10-year tranche was sold with a 2.5% coupon at a spread of Treasuries plus 90 bps. The notes were talked in the Treasuries plus 120 bps area.
And, the longest-dated tranche due April 6, 2041 sold with a 3.2% coupon and a spread of Treasuries plus 100 bps after being launched with talk in the Treasuries plus 135 bps area.
Proceeds will be used to repay part of the bridge facility drawn at completion of the acquisition of Refinitiv in order to refinance Refinitiv’s debt and for the group’s general corporate purposes.
With the expected proceeds from the divestment of Borsa Italiana Group, the transaction will allow LSEG to reduce its pro forma net debt to EBITDA leverage. London Stock Exchange Group is targeting a return to between 1x and 2x net debt to EBITDA in the 24 months following completion of the transaction from 3.3x at Dec. 31, 2020.
Joint global coordinators for the offering were Barclays, BofA Securities, Citigroup and HSBC.
The issuer also sold £500 million of 1.625% notes due April 6, 2030, €500 million of 0% notes due April 6, 2025, €500 million of 0.25% notes due April 6, 2028 and €500 million of 0.75% notes due April 6, 2033.
London Stock Exchange Group is a diversified international market infrastructure and capital markets business.
| Issuer: | Lsega Financing plc
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| Guarantor: | London Stock Exchange Group plc
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| Issue: | Notes
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| Amount: | $4.5 billion
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| Global coordinators: | Barclays, BofA Securities, Citigroup and HSBC
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| Trade date: | March 25
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| Settlement date: | April 6
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| Ratings: | Moody’s: A3
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| S&P: A
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| Distribution: | Rule 144A and Regulation S
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|
|
| 2024 notes
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| Amount: | $500 million
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| Maturity: | April 6, 2024
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| Coupon: | 0.65%
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| Spread: | Treasuries plus 40 bps
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| Price talk: | Treasuries plus 70 bps area
|
|
|
| 2026 notes
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| Amount: | $1 billion
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| Maturity: | April 6, 2026
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| Coupon: | 1.375%
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| Spread: | Treasuries plus 60 bps
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| Price talk: | Treasuries plus 90 bps area
|
|
|
| 2028 notes
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| Amount: | $1 billion
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| Maturity: | April 6, 2028
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| Coupon: | 2%
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| Spread: | Treasuries plus 75 bps
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| Price talk: | Treasuries plus 105 bps area
|
|
|
| 2031 notes
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| Amount: | $1.25 billion
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| Maturity: | April 6, 2031
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| Coupon: | 2.5%
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| Spread: | Treasuries plus 90 bps
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| Price talk: | Treasuries plus 120 bps area
|
|
|
| 2041 notes
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| Amount: | $750 million
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| Maturity: | April 6, 2041
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| Coupon: | 3.2%
|
| Spread: | Treasuries plus 100 bps
|
| Price talk: | Treasuries plus 135 bps area
|
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