Published on 2/27/2019 in the Prospect News Investment Grade Daily.
New Issue: Verisk Analytics prices $400 million 4.125% 10-year notes at 150 bps over Treasuries
By Cristal Cody
Tupelo, Miss., Feb. 27 – Verisk Analytics, Inc. (Baa2/BBB/BBB+) priced $400 million of 4.125% 10-year senior notes on Wednesday on the tight side of guidance at a spread of Treasuries plus 150 basis points, according to a market source and an FWP filing with the Securities and Exchange Commission.
The notes priced at 99.463 to yield 4.191%.
HSBC Securities (USA) Inc., BofA Merrill Lynch, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, SunTrust Robinson Humphrey, Inc. and Wells Fargo Securities, LLC were the bookrunners.
Proceeds will be used for general corporate purposes, including to repay debt outstanding under the company’s revolving credit facility.
The data analytics provider is based in Jersey City, N.J.
| Issuer: | Verisk Analytics, Inc.
|
| Amount: | $400 million
|
| Description: | Senior notes
|
| Maturity: | March 15, 2029
|
| Bookrunners: | HSBC Securities (USA) Inc., BofA Merrill Lynch, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, SunTrust Robinson Humphrey, Inc. and Wells Fargo Securities, LLC
|
| Co-managers: | BNP Paribas Securities Corp., RBC Capital Markets, LLC, TD Securities (USA) LLC and Williams Capital Group, LP
|
| Coupon: | 4.125%
|
| Price: | 99.463
|
| Yield: | 4.191%
|
| Spread: | Treasuries plus 150 bps
|
| Call features: | Make-whole call before Dec. 15, 2028 at price equal to greater of par and Treasuries plus 25 bps; thereafter at par
|
| Trade date: | Feb. 27
|
| Settlement date: | March 6
|
| Ratings: | Moody’s: Baa2
|
| S&P: BBB
|
| Fitch: BBB+
|
| Distribution: | SEC registered
|
| Price guidance: | Treasuries plus 155 bps area, plus or minus 5 bps; initial talk at Treasuries plus 175 bps area
|
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