By Rebecca Melvin
Concord, N.H., Jan. 14 – Prosus NV priced €1.75 billion of three series of notes with maturities ranging from four years to 12 years (Baa3/BBB), according to a market source.
Combined order books were seen at €6.75 billion.
The Rule 144A and Regulation S offering includes €500 million 1.207% notes due Jan. 19, 2026, which priced at par to yield mid-swaps plus 120 basis points. The final spread was tight to initial talk for a spread in the 155 bps area over mid-swaps.
The €600 million tranche of 2.085% notes due Jan. 19, 2030 priced at par for a yield spread at mid-swaps plus 183 bps. That was tight to initial talk in the 205 bps area over mid-swaps.
A €650 million tranche of 2.778% notes due Jan. 19, 2034 priced at par and the spread was set at 233 bps over mid-swaps. That was tight to talk in the 255 bps over mid-swaps area.
The notes have an optional make-whole redemption and then a par call. The par call dates will be Dec. 19, 2025 (four-year notes), Oct. 19, 2029 (eight-year notes) and Oct. 19, 2033 (12-year notes).
Any change of control will require the issuer to make an offer to buy the notes at 101.
Joint global coordinators and bookrunners are BNP Paribas, Citigroup, Deutsche Bank and Goldman Sachs Bank Europe SE. Citi was billing and delivery for the four-year and 12-year notes, and Deutsche Bank was billing and delivery for the eight-year notes.
Proceeds will be used for general corporate purposes, including acquisitions and investments.
Listing will be on Euronext Dublin.
Amsterdam-based Prosus is the international internet assets division of Cape Town, South Africa-based Naspers Ltd.
| Issuer: | Prosus NV
|
| Amount: | €1.75 billion
|
| Issue: | Senior notes
|
| Bookrunners: | BNP Paribas, Citigroup, Deutsche Bank and Goldman Sachs Bank Europe SE
|
| Pricing date: | Jan. 12
|
| Settlement date: | Jan. 19
|
| Ratings: | Moody’s: Baa3
|
| S&P: BBB
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Four-year notes
|
| Amount: | €500 million
|
| Maturity: | Jan. 19, 2026
|
| Coupon: | 1.207%
|
| Price: | Par
|
| Yield: | 1.207%
|
| Spread: | Mid-swaps plus 120 bps
|
| Calls: | Make-whole call at 25 bps over Bunds, then par call on Oct. 19, 2025
|
| Price talk: | Mid-swaps plus 155 bps area
|
| ISINs: | XS2433207714, XS2430287529
|
|
|
| Eight-year notes
|
| Amount: | €600 million
|
| Maturity: | Jan. 19, 2030
|
| Coupon: | 2.085%
|
| Price: | Par
|
| Yield: | 2.085%
|
| Spread: | Mid-swaps plus 183 bps
|
| Calls: | Make-whole call at 35 bps over Bunds, then par call on Oct. 19, 2029
|
| Price talk: | Mid-swaps plus 105 bps area
|
| ISINs: | XS2433208019, XS2430287362
|
|
|
| 12-year notes
|
| Amount: | €650 million
|
| Maturity: | Jan. 19, 2034
|
| Coupon: | 2.778%
|
| Price: | Par
|
| Yield: | 2.778%
|
| Spread: | Mid-swaps plus 233 bps
|
| Calls: | Make-whole call at 45 bps over Bunds, then par call on Oct. 19, 2033
|
| Price talk: | Mid-swaps plus 255 bps area
|
| ISINs: | XS2433210007, XS243028787
|
|
|
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