By Cristal Cody
Tupelo, Miss., Aug. 10 – S&P Global Inc. priced $1.3 billion of guaranteed senior notes (A3//A-) in two tranches on Monday, according to a market source and an FWP filing with the Securities and Exchange Commission.
A $600 million offering of 1.25% 10-year notes priced at 99.514 to yield 1.302% and a Treasuries plus 73 basis points spread.
The 10-year notes were talked at the 100 bps over Treasuries area.
A $700 million tranche of 2.3% 40-year notes priced at 98.427 to yield 2.361%, or a 112.5 bps over Treasuries spread.
Initial price talk was at the 140 bps spread area.
Goldman Sachs & Co. LLC, BofA Securities, Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and Mizuho Securities USA Inc. were the bookrunners.
The bonds are guaranteed by subsidiary Standard & Poor’s Financial Services LLC.
Proceeds will be used to fund cash tender offers for the company’s $900 million of 4.4% senior notes due 2026, $297,021,000 of 6.55% senior notes due 2037 and $500 million of 4.5% senior notes due 2048.
New York City-based S&P Global provides credit ratings, benchmarks, analytics and data to capital and commodity markets.
| Issuer: | S&P Global Inc.
|
| Guarantor: | Standard & Poor’s Financial Services LLC
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| Amount: | $1.3 billion
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| Description: | Senior notes
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| Bookrunners: | Goldman Sachs & Co. LLC, BofA Securities, Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and Mizuho Securities USA Inc.
|
| Co-managers: | CastleOak Securities, LP, Credit Suisse Securities (USA) LLC, Loop Capital Markets LLC, Samuel A. Ramirez & Co., Inc., Scotia Capital (USA) Inc., Siebert Williams Shank & Co., LLC, Truist Securities, Inc. and U.S. Bancorp Investments, Inc.
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| Trade date: | Aug. 10
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| Settlement date: | Aug. 13
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| Ratings: | Moody’s: A3
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| Fitch: A-
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| Distribution: | SEC registered
|
|
|
| 10-year notes
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| Amount: | $600 million
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| Maturity: | Aug. 15, 2030
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| Coupon: | 1.25%
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| Price: | 99.514
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| Yield: | 1.302%
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| Spread: | Treasuries plus 73 bps
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| Call features: | Make-whole call at Treasuries plus 12.5 bps before May 15, 2030; thereafter at par
|
| Change-of-control put: | 101%
|
| Price guidance: | Treasuries plus 100 bps area
|
|
|
| 40-year notes
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| Amount: | $700 million
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| Maturity: | Aug. 15, 2060
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| Coupon: | 2.3%
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| Price: | 98.427
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| Yield: | 2.361%
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| Spread: | Treasuries plus 112.5 bps
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| Call features: | Make-whole call at Treasuries plus 20 bps before Feb. 15, 2060; thereafter at par
|
| Change-of-control put: | 101%
|
| Price guidance: | Treasuries plus 140 bps area
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