Published on 8/2/2022 in the Prospect News Investment Grade Daily.
New Issue: Moody’s sells $500 million 4.25% 10-year notes at 158 bps spread
By Wendy Van Sickle
Columbus, Ohio, Aug. 2 – Moody’s Corp. sold $500 million of 4.25% 10-year senior notes (BBB+/BBB+) on Tuesday at 99.589 to yield 4.301%, or a spread of 158 basis points over Treasuries, according to an FWP filing with the Securities and Exchange Commission.
BofA Securities, Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC and HSBC Securities (USA) LLC were the bookrunners.
Proceeds from the new notes are expected to be used to fund a cash tender offer for any and all of the issuer’s $500 million outstanding 2.625% senior notes due Jan. 15, 2023 and any subsequent redemption of those notes.
New York City-based Moody’s is the parent company of credit ratings agency Moody’s Investors Service.
| Issuer: | Moody’s Corp.
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| Amount: | $500 million
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| Issue: | Senior notes
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| Maturity: | Aug. 8, 2032
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| Bookrunners: | BofA Securities, Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC and HSBC Securities (USA) LLC
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| Co-managers: | TD Securities (USA) Inc., MUFG, Citizens Capital Markets, Inc., Fifth Third Securities, Inc., Loop Capital Markets LLC, Scotia Capital (USA) Inc., Truist Securities, Inc., Standard Chartered Bank and U.S. Bancorp Investments, Inc.
|
| Trustee: | Computershare Trust Co., NA
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| Counsel to issuer: | Gibson, Dunn & Crutcher LLP
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| Counsel to underwriters: | Skadden, Arps, Slate, Meagher & Flom LLP
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| Coupon: | 4.25%
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| Price: | 99.589
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| Yield: | 4.301%
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| Spread: | Treasuries plus 158 bps
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| Call features: | Make-whole call at greater of par and Treasuries plus 25 bps before May 8, 20321; thereafter at par
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| Trade date: | Aug. 2
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| Settlement date: | Aug. 8
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| Ratings: | S&P: BBB+
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| Fitch: BBB+
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| Distribution: | SEC registered
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| Cusip: | 615369AZ8
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