By Paul A. Harris
Portland, Ore., May 18 – MSCI Inc. priced an upsized $1 billion issue of senior notes due Feb. 15, 2031 (Ba2/BB+) at par to yield 3 7/8% on Monday, according to market sources.
Morgan Stanley & Co. LLC was the lead left bookrunner. Joint bookrunners were BofA Securities Inc., Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC.
The issue size increased from $800 million.
The yield printed in the middle of yield talk in the 3 7/8% area and tight to initial talk in the 4% area.
The New York-based finance company plans to use the proceeds, together with cash on hand, to redeem all $800 million of its 2025 senior notes. The additional proceeds resulting from the $200 million upsizing of the deal will be used for general corporate purposes.
| Issuer: | MSCI Inc.
|
| Amount: | $1 billion, increased from $800 million
|
| Maturity: | Feb. 15, 2031
|
| Securities: | Senior notes
|
| Lead left bookrunner: | Morgan Stanley & Co. LLC (bill and deliver)
|
| Joint bookrunners: | BofA Securities Inc., Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC
|
| Co-managers: | Citizens Capital Markets Inc., Credit Suisse Securities (USA) LLC, Fifth Third Securities Inc., TD Securities (USA) LLC and Wells Fargo Securities LLC
|
| Coupon: | 3 7/8%
|
| Price: | Par
|
| Yield: | 3 7/8%
|
| Spread: | 320 bps
|
| First call: | June 1, 2025 at 101.938
|
| Equity clawback: | 35% at 103.875 until June 1, 2023
|
| Trade date: | May 18
|
| Settlement date: | May 26
|
| Ratings: | Moody's: Ba2
|
| S&P: BB+
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 3 7/8% area
|
| Marketing: | Drive-by
|
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