MSCI to price $500 million tap of 3 5/8% notes due 2030 on Friday

By Paul A. Harris

Portland, Ore., March 12 – MSCI Inc. plans to price a $500 million add-on to its 3 5/8% senior notes (existing ratings Ba2/BB+) in a Friday drive-by trailing a conference call with investors, according to a market source.

Left lead bookrunner Morgan Stanley & Co. LLC will bill and deliver. BofA Securities Inc., Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC are the joint bookrunners.

Citigroup Global Markets Inc., Citizens Capital Markets Inc., Credit Suisse Securities (USA) LLC, Fifth Third Securities Inc., TD Securities (USA) LLC and Wells Fargo Securities LLC are the co-managers.

The notes are covered by a make-whole call at Treasuries plus 50 basis points until March 1, 2025, then become callable at 101.813. They feature a 35% equity clawback at 103.625 until March 1, 2023.

The New York City-based financial services provider plans to use the proceeds from the Rule 144A and Regulation S with registration rights add-on, plus cash on hand, to redeem all $500 million of its 4¾% senior notes due 2026.

The original $400 million issue priced in February 2020.

The add-on notes will become fungible with the original notes.

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