Details surface on Refinitiv’s $5.5 billion notes backing acquisition of Thomson Reuters Financial

By Paul A. Harris

Portland, Ore., Aug. 20 – Details circulated on Refinitiv’s $5.5 billion equivalent of high-yield notes backing the purchase of a 55% stake in Thomson Reuters Financial & Risk, according to market sources.

The deal is set to include $3 billion equivalent of 7.5-year secured notes in tranches sized at $2 billion and $1 billion equivalent.

There will also be $2.5 billion eight-year unsecured notes in tranches of $1.5 billion and $700 million equivalent.

The deal is expected to come as part of a substantial September deal pipeline being driven by pending merger and acquisition funding transactions, sources say.

J.P. Morgan Securities LLC is expected to lead the deal in a syndicate of banks that includes BofA Merrill Lynch and Citigroup Global Markets Inc., a source said.

Proceeds will be used to help fund the acquisition of a 55% stake in Thomson Reuters Financial Risk by Blackstone, Canada Pension Plan Investment Board and GIC.

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