Published on 6/29/2017 in the Prospect News High Yield Daily.
New Issue: VeriSign upsizes to $550 million, prices 10-year notes at par to yield 4¾%
By Paul A. Harris
Portland, Ore., June 29 – VeriSign, Inc. priced an upsized $550 million issue of 10-year senior notes (Ba1/BB+) at par to yield 4¾% on Thursday, according to a market source.
The yield printed at the tight end of the 4¾% to 5% yield talk, which was also the initial guidance.
JP Morgan Securities LLC was the lead.
The Reston, Va.-based internet security and services provider plans to use the proceeds for general corporate purposes including share repurchases.
| Issuer: | VeriSign, Inc.
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| Amount: | $550 million, increased from $450 million
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| Tenor: | July 15, 2027
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| Securities: | Senior notes
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| Lead: | JP Morgan
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| Coupon: | 4¾%
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| Price: | Par
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| Yield: | 4¾%
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| Call protection: | Five years
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| Trade date: | June 29
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| Settlement date: | July 5
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| Ratings: | Moody’s: Ba1
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| S&P: BB+
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| Distribution: | Rule 144A and Regulation S
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| Price talk: | 4¾% to 5%
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| Marketing: | Quick to market
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