VNU/Nielsen issues talk on $1.67 billion multi-tranche bond offering

By Paul A. Harris

St. Louis, July 27 - Price talk surfaced Thursday on the VNU NV/Nielsen Finance LLC combined $1.67 billion multi-tranche bond deal now in the market.

At the operating company level, Nielsen Finance talked an $835 million tranche of eight-year notes (B3/CCC+) at the 9¾% area. Meanwhile the $600 million tranche of 10-year senior subordinated discount notes (Caa1/CCC+) are talked at 225 to 250 basis points behind the senior notes.

At the holding company level, VNU talked its €200 million tranche of 10-year fixed-rate senior subordinated discount notes at Euribor plus 625 to 650 basis points equivalent.

The books will close on Monday, with the offering expected to price on Tuesday.

Deutsche Bank Securities, JP Morgan, Citigroup, ABN Amro and ING are bookrunners.

Proceeds will be used to partially fund the €7.6 billion acquisition of VNU by Valcon Acquisition BV, a group of investors that includes Kohlberg Kravis Roberts & Co. and Carlyle Group.

VNU is a Haarlem, The Netherlands-based market research company.

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