By Andrea Heisinger
New York, Sept. 22 - Thomson Reuters Corp. sold $500 million 4.7% 10-year senior unsecured notes Tuesday to yield Treasuries plus 130 basis points, an informed source said.
The notes (Baa1/A-/A-) priced at 99.649 to yield 4.744%. They have a make-whole call at Treasuries plus 30 bps and feature a change-of-control put of 101%.
The notes were sold well inside guidance in the mid-100 bps, the source said. The market was "very receptive," he said, and also called the deal an "allocation nightmare" and a "blowout," although the source declined to say how many times the issue was oversubscribed.
Bookrunners were Barclays Capital Inc., Bank of America Merrill Lynch, Deutsche Bank Securities Inc. and HSBC Securities (USA) Inc.
Senior co-managers were Morgan Stanley & Co. Inc., RBS Securities Inc. and UBS Investment Bank.
Co-managers were BMO Capital Markets, Citigroup Global Markets Inc., Credit Suisse Securities, Goldman Sachs & Co., Jefferies & Co., J.P. Morgan Securities Inc., RBC Capital Markets Corp., Standard Chartered Bank and TD Securities.
Proceeds will be used to retire the company's 4.75% notes due 2010, 7.74% notes due 2010 and 6.85% notes due 2011 in the fourth quarter.
The news and information company is based in New York City.
| Issuer: | Thomson Reuters Corp.
|
| Issue: | Senior unsecured notes
|
| Amount: | $500 million
|
| Maturity: | Oct. 15, 2019
|
| Bookrunners: | Barclays Capital Inc., Bank of America Merrill Lynch, Deutsche Bank Securities Inc., HSBC Securities (USA) Inc.
|
| Senior co-managers: | Morgan Stanley & Co. Inc., RBS Securities Inc., UBS Investment Bank
|
| Co-managers: | BMO Capital Markets, Citigroup Global Markets Inc., Credit Suisse Securities, Goldman Sachs & Co., Jefferies & Co., J.P. Morgan Securities Inc., RBC Capital Markets Corp., Standard Chartered Bank, TD Securities
|
| Coupon: | 4.7%
|
| Price: | 99.649
|
| Yield: | 4.744%
|
| Spread: | Treasuries plus 130 bps
|
| Call: | Make-whole at Treasuries plus 30 bps
|
| Change-of-control put: | 101%
|
| Trade date: | Sept. 22
|
| Settlement date: | Sept. 29
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: A-
|
| Fitch: A-
|
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