Published on 11/5/2014 in the Prospect News High Yield Daily.
New Issue: MSCI prices $800 million 10-year senior notes at par to yield 5¼%
By Paul A. Harris
Portland, Ore., Nov. 5 – MSCI Inc. priced an $800 million issue of 10-year senior notes (Ba1/BB+/) at par to yield 5¼% on Wednesday, according to a market source.
The yield printed 12.5 basis points inside of yield talk in the 5½% area.
J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and Goldman Sachs & Co. were the joint bookrunners.
MSCI, a New York-based provider of investment decision support tools to investors globally, including asset managers, banks, hedge funds and pension funds, plans to use the proceeds from the note offering, together with cash on hand, to repay in full its $794.8 million of outstanding senior secured term loan debt.
| Issuer: | MSCI Inc.
|
| Amount: | $800 million
|
| Maturity: | Nov. 15, 2024
|
| Securities: | Senior notes
|
| Bookrunners: | J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Goldman Sachs & Co.
|
| Co-managers: | Fifth Third Bank, BofA Merrill Lynch, Wells Fargo Securities LLC, RBS Securities Inc., TD Securities
|
| Coupon: | 5¼%
|
| Price: | Par
|
| Yield: | 5¼%
|
| Spread: | 290 bps
|
| Call protection: | Five years
|
| Trade date: | Nov. 5
|
| Settlement date: | Nov. 20
|
| Ratings: | Moody's: Ba1
|
| Standard & Poor's: BB+
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 5½% area
|
| Marketing: | Roadshow
|
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