Nuveen sets price talk on $1.15 billion two-part note offering

By Paul A. Harris

Portland, Ore., Sept. 11 - Nuveen Investments, Inc. set price talk for its $1,145,000,000 two-part offering of senior notes (Caa2/CCC) on Tuesday, according to a syndicate source.

A $400 million tranche of five-year notes, which come with two years of call protection and feature a two-year 40% equity clawback, is talked with a yield in the 9% area.

Meanwhile a $745 million tranche of eight-year notes, which come with three years of call protection and feature a three-year 40% equity clawback, is talked to yield 9¼% to 9½%.

Pricing is set for Wednesday.

Deutsche Bank Securities Inc., Bank of America Merrill Lynch, Morgan Stanley & Co. LLC, RBC Capital Markets, UBS Securities Inc. and Wells Fargo Securities LLC are the joint bookrunners.

The Chicago-based provider of investment services plans to use the proceeds to fund the tender offer for its 10½% senior notes due 2015 and to repay bank debt.

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