By Abigail W. Adams
Portland, Me., July 7 – TripAdvisor Inc. priced $500 million five-year senior notes (B1/BB-) at par to yield 7% in a Tuesday drive-by, according to a market source.
Pricing came tighter than talk for a yield in the 7½% area.
The notes are non-callable for two years.
J.P. Morgan Securities LLC led the Rule 144A and Regulation S offering.
Proceeds will be used for general corporate purposes.
TripAdvisor is a Needham, Mass.-based online travel platform.
Issuer: | TripAdvisor Inc.
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Amount: | $500 million
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Tenor: | Five years
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Securities: | Senior notes
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Bookrunner: | J.P. Morgan Securities LLC (lead left)
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Coupon: | 7%
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Price: | Par
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Yield: | 7%
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Call protection: | Two years
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Trade date: | July 7
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Settlement date: | July 9
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Ratings: | Moody's: B1
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| S&P: BB-
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Distribution: | Rule 144A and Regulation S
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Price talk: | 7½% area
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Marketing: | Quick to market
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