By Paul A. Harris
Portland, Ore., Dec. 14 – Ancestry.com priced a $250 million add-on to the Arches Buyer Inc. 4¼% first-lien notes due June 1, 2028 (B1/B) at 98.51 to yield 4.518%, according to a syndicate source.
The issue price came on top of price talk.
At Tuesday’s open, demand was heard to be around $100 million, traders said.
BofA Securities Inc. was at the left of a syndicate of joint bookrunners that also included Credit Suisse Securities (USA) LLC, Morgan Stanley & Co. LLC, Barclays, J.P. Morgan Securities LLC, Goldman Sachs & Co. LLC and SMBC Nikko Securities America Inc.
The Lehi, Utah-based provider of digital family history services and consumer genomics plans to use the proceeds plus cash on hand to fund one or more distributions of up to approximately $300 million to the owners of the economic interests in the indirect parent company.
| Issuer: | Arches Buyer, Inc.
|
| Amount: | $250 million
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| Issue: | Add-on to 4¼% first-lien senior notes due June 1, 2028
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| Maturity: | June 1, 2028
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| Joint bookrunners: | BofA Securities Inc., Credit Suisse Securities (USA) LLC, Morgan Stanley & Co. LLC, Barclays, J.P. Morgan Securities LLC, Goldman Sachs & Co. LLC and SMBC Nikko Securities America Inc.
|
| Co-manager: | Blackstone Capital Markets
|
| Coupon: | 4¼%
|
| Price: | 98.51
|
| Yield: | 4.518%
|
| Spread: | 318 bps
|
| First call: | Dec. 1, 2023 at 102.125
|
| Trade date: | Dec. 14
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| Settlement date: | Dec. 17
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| Ratings: | Moody's: B1
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| S&P: B
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| Distribution: | Rule 144A and Regulation S
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| Price talk: | 98.51
|
| Marketing: | Roadshow
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| Original issue: | $700 million priced in November 2020
|
| Fungibility: | Add-on notes to immediately become fungible with original notes
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