Published on 8/10/2015 in the Prospect News High Yield Daily.
New Issue: MSCI prices upsized $800 million 10-year notes at par to yield 5¾%
By Paul A. Harris
Portland, Ore., Aug. 10 – MSCI Inc. priced an upsized $800 million issue of 10-year senior notes (Ba2/BB+) at par to yield 5¾% on Monday, according to a market source.
The deal size was increased from $500 million.
The yield printed on top of yield talk, according to a trader, who added that early guidance had the notes pricing with a yield in the high 5% context.
J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and Goldman Sachs & Co. were the joint bookrunners.
The New York-based financial research services provider plans to use the proceeds for general corporate purposes, including the previously announced buybacks of its common stock.
| Issuer: | MSCI Inc.
|
| Amount: | $800 million, increased from $500 million
|
| Maturity: | Aug. 1, 2025
|
| Securities: | Senior notes
|
| Bookrunners: | J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Goldman Sachs & Co.
|
| Co-managers: | BofA Merrill Lynch, Fifth Third Bank, Wells Fargo Securities LLC
|
| Coupon: | 5¾%
|
| Price: | Par
|
| Yield: | 5¾%
|
| Spread: | 352 bps
|
| Call: | Make-whole call at Treasuries plus 50 bps until Aug. 15, 2020, then callable at 102.875
|
| Equity clawback: | 35% at 105.75 until Aug. 15, 2018
|
| Trade date: | Aug. 10
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| Settlement date: | Aug. 13
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| Ratings: | Moody's: Ba2
|
| Standard & Poor's: BB+
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 5¾% area
|
| Marketing: | Quick to market
|
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