Published on 5/24/2016 in the Prospect News High Yield Daily.
New Issue: Match Group sells $400 million eight-year notes at par to yield 6 3/8%
By Paul A. Harris
Portland, Ore., May 24 – Match Group priced a $400 million issue of eight-year senior notes (expected ratings Ba3/BB-) at par to yield 6 3/8% on Tuesday, according to a market source.
The yield printed at the tight end of yield talk in the 6½% area. Early guidance was 6¼% to 6½%.
J.P. Morgan Securities LLC, BofA Merrill Lynch, BMO Capital Markets Corp., BNP Paribas Securities Corp., Goldman Sachs & Co., Barclays and Deutsche Bank Securities Inc. were the joint bookrunners.
The Dallas-based provider of dating products plans to use the proceeds to repay debt.
Match Group operates a portfolio of over 45 brands, including Match, OkCupid, PlentyOfFish, Tinder, Meetic, Twoo, OurTime, BlackPeopleMeet and FriendScout24, for use in making romantic connections, according to a company press release. In addition to its dating business, the company also operates The Princeton Review, which provides test preparation, academic tutoring and college counseling services.
| Issuer: | Match Group, Inc.
|
| Amount: | $400 million
|
| Maturity: | June 1, 2024
|
| Securities: | Senior notes
|
| Bookrunners: | J.P. Morgan Securities LLC, BofA Merrill Lynch, BMO Capital Markets Corp., BNP Paribas Securities Corp., Goldman Sachs & Co., Barclays, Deutsche Bank Securities Inc.
|
| Co-managers: | Fifth Third Securities Inc., PNC Capital Markets LLC, SG Americas Securities LLC
|
| Coupon: | 6 3/8%
|
| Price: | Par
|
| Yield: | 6 3/8%
|
| Spread: | 463 bps
|
| Call: | Make-whole call at Treasuries plus 50 bps until June 1, 2019, then callable at 104.781
|
| Trade date: | May 24
|
| Settlement date: | June 1
|
| Expected ratings: | Moody's: Ba3
|
| S&P: BB-
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 6½% area
|
| Marketing: | Quick to market
|
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