By Paul A. Harris
Portland, Ore., May 15 – MSCI Inc. priced a restructured $500 million issue of nine-year senior notes (Ba2/expected BB+) at par to yield 5 3/8% on Tuesday, according to market sources.
Revisions extended the maturity of the notes to nine years from 8.5 years and call protection to four years from 3.5 years.
The deal had been announced Monday as a quick-to-market trade but remained in the market overnight.
The yield printed at the wide end of yield talk in the 5¼% area. Pricing on the deal crept wider since it was announced on Monday. Early guidance was in the low 5% area, sources say.
J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and Goldman Sachs & Co. were the joint bookrunners.
The New York-based financial services provider plans to use the proceeds for general corporate purposes, including buybacks of its common stock and potential acquisitions.
| Issuer: | MSCI Inc.
|
| Amount: | $500 million
|
| Maturity: | May 15, 2027 (maturity revised to nine years from 8.5 years)
|
| Securities: | Senior notes
|
| Bookrunners: | J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Goldman Sachs & Co.
|
| Coupon: | 5 3/8%
|
| Price: | Par
|
| Yield: | 5 3/8%
|
| Call protection: | Four years (revised from 3.5 years)
|
| Trade date: | May 15
|
| Settlement date: | May 18
|
| Ratings: | Moody's: Ba2
|
| S&P: expected BB+
|
| Distribution: | Rule 144A for life
|
| Price talk: | 5¼% area
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
