ANGI Homeservices to sell $500 million eight-year notes on Thursday

By Paul A. Harris

Portland, Ore., Aug. 12 – ANGI Homeservices Inc. plans to price a $500 million offering of eight-year senior notes (expected ratings Ba3/BB-) on Thursday, according to a syndicate source.

The deal was scheduled to be shopped on a mid-Wednesday morning conference call with investors.

BofA Securities Inc., J.P. Morgan Securities LLC, BNP Paribas Securities Corp., Goldman Sachs & Co. LLC, SG Americas Securities LLC and Citigroup Global Markets Inc. are the joint bookrunners.

BMO Capital Markets Corp. and PNC Capital Markets LLC are the senior co-managers. Fifth Third Securities Inc., HSBC Securities (USA) Inc., Truist Securities Inc., Credit Suisse Securities (USA) LLC, Cowen, Blaylock Van LLC and MFR Securities Inc. are the co-managers.

The Rule 144A and Regulation S for life notes become callable after three years at par plus 50% of the coupon. They feature a three-year 40% equity clawback at par plus the coupon and a 101% poison put.

The issuing entity will be ANGI Group, LLC, a wholly owned subsidiary of the Denver-based digital marketplace for home services, which intends to use the proceeds from the notes sale for general corporate purposes, including potential future acquisitions and a return of capital.

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