Published on 2/20/2015 in the Prospect News High Yield Daily.
New Issue: Nielsen sells upsized $750 million tap of 5% notes due 2022 at 100.75
By Paul A. Harris
Portland, Ore., Feb. 20 – Nielsen Finance LLC and Nielsen Finance Co., wholly owned subsidiaries of Nielsen NV, priced an upsized $750 million add-on to their 5% senior notes due April 15, 2022 at 100.75 to yield 4.832% on Friday, according to a market source.
The deal was upsized from $650 million.
The reoffer price came at the rich end of price talk in the 100.5 area.
J.P. Morgan Securities LLC, Citigroup Global Markets Inc., Goldman Sachs & Co. and Morgan Stanley & Co. LLC were the joint bookrunners for the quick-to-market deal.
The New York-based global information and measurement company plans to use the proceeds to make stock repurchases, to pay down its revolver and for general corporate purposes.
| Issuer: | Nielsen Finance LLC and Nielsen Finance Co.
|
| Face amount: | $750 million, increased from $650 million
|
| Proceeds: | $756 million
|
| Maturity: | April 15, 2022
|
| Security description: | Add-on to 5% senior notes due April 15, 2022
|
| Bookrunners: | J.P. Morgan Securities LLC, Citigroup Global Markets Inc., Goldman Sachs & Co., Morgan Stanley & Co. LLC
|
| Co-managers: | BofA Merrill Lynch, CIBC World Markets, Fifth Third Bank, Mizuho Securities, SMBC Nikko, TD Securities
|
| Coupon: | 5%
|
| Price: | 100.75
|
| Yield to worst: | 4.832%
|
| Spread: | 330 bps
|
| First call: | April 15, 2017 at 103.75
|
| Trade date: | Feb. 20
|
| Ratings: | Moody's: B1
|
| Standard & Poor's: BB+
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 100.5 area
|
| Marketing: | Quick to market
|
| Original issue: | $750 million priced at par on March 28, 2014
|
| Previous add-on: | $800 million priced at 100.375 to yield 4.923% on June 23, 2014
|
| Fungibility: | New add-on notes will be immediately fungible with the existing notes
|
| Total issue size: | $2.3 billion
|
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