By Andrea Heisinger
New York, March 23 - Thomson Reuters Corp. priced $500 million of 5.85% 30-year bonds on Tuesday to yield 137.5 basis points over Treasuries, a market source said.
This was at the tight end of guidance in the 140 bps area, the source said.
The notes (Baa1/A-/A-) priced at 98.288 to yield 5.973%.
The notes have a make-whole call at Treasuries plus 25 bps and feature a change-of-control put of 101%.
J.P. Morgan Securities Inc., Morgan Stanley & Co. Inc., RBS Securities Inc. and UBS Investment Bank were the bookrunners.
Senior co-managers were Bank of America Merrill Lynch, Deutsche Bank Securities Inc. and RBC Capital Markets Corp.
Barclays Capital Inc., BMO Capital Markets, Citigroup Global Markets Inc., Credit Suisse Securities, Goldman Sachs & Co., HSBC Securities, Jefferies & Co., Scotia Capital, Standard Chartered Bank and TD Securities were co-managers.
Proceeds are being used to partially fund a $700 million note tender and redemption offer of 6.2% notes due in January 2012 and the subsequent redemption of remaining notes due in April 2010.
The information and media company is based in New York City.
| Issuer: | Thomson Reuters Corp.
|
| Issue: | Senior unsecured notes
|
| Amount: | $500 million
|
| Maturity: | April 15, 2040
|
| Bookrunners: | J.P. Morgan Securities Inc., Morgan Stanley & Co. Inc., RBS Securities Inc., UBS Investment Bank
|
| Senior co-managers: | Bank of America Merrill Lynch, Deutsche Bank Securities Inc., RBC Capital Markets Corp.
|
| Co-managers: | Barclays Capital Inc., BMO Capital Markets, Citigroup Global Markets Inc., Credit Suisse Securities, Goldman Sachs & Co., HSBC Securities, Jefferies & Co., Scotia Capital, Standard Chartered Bank, TD Securities
|
| Coupon: | 5.85%
|
| Price: | 98.288
|
| Yield: | 5.973%
|
| Spread: | Treasuries plus 137.5 bps
|
| Call: | Make-whole at Treasuries plus 25 bps
|
| Change-of-control put: | 101%
|
| Trade date: | March 23
|
| Settlement date: | March 30
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: A-
|
| Fitch: A-
|
| Price talk: | 140 bps area
|
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