By Cristal Cody
Chicago, March 7 – S&P Global Inc.’s Friday sale of $5.5 billion of notes in five tranches had some pricing details filled in by a market source.
As previously reported, four of the tranches were straight notes, but one tranche due 2029 is marked sustainability-linked.
The Rule 144A and Regulation S notes included the following parts:
• $1.25 billion of 2.45% senior notes due 2027, priced with a Treasuries plus 90 basis points spread and 15 bps low to talk in the 105 bps area;
• $1.25 billion of 2.7% sustainability-linked senior notes due 2029, priced with a Treasuries plus 110 bps spread and similarly 15 bps low to talk in the 125 bps area;
• $1.5 billion of 2.9% senior notes due 2032 that came with a 130 bps spread over Treasuries, also 15 bps low to talk in the 145 bps area;
• $1 billion of 3.7% senior notes due 2052, with the spread at Treasuries plus 160 bps, 15 bps low to talk in the 175 bps area; and
• $500 million of 3.9% senior notes due 2062, with the spread at Treasuries plus 180 bps versus talk in the 195 bps area.
The coupon might step up 25 bps for the sustainability-linked notes if the company fails to achieve certain sustainability performance targets by Dec. 31, 2025.
Each of the notes is guaranteed by Standard & Poor's Financial Services LLC.
Bookrunners for the deal were Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and Mizuho Securities USA Inc.
Proceeds will be used, with cash on hand if necessary, to pay for the company’s tender offer of its 5% senior notes due 2022, its 4% senior notes due 2025 and its 4.75% senior notes due 2025 and the redemption of all of the company’s 4.125% senior notes due 2023, its 3.625% senior notes due 2024 and its 4% senior notes due 2026.
Based in New York, S&P Global provides transparent and independent ratings, benchmarks, analytics and data to the capital and commodity markets across the world.
| Issuer: | S&P Global Inc.
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| Guarantor: | Standard & Poor's Financial Services LLC
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| Amount: | $5.5 billion
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| Issue: | Notes
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| Bookrunners: | Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and Mizuho Securities USA Inc.
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| Trade date: | March 4
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| Settlement date: | March 18
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| Distribution: | Rule 144A and Regulation S
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| 2027 notes
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| Amount: | $1.25 billion
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| Issue: | Senior notes
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| Maturity: | March 1, 2027
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| Coupon: | 2.45%
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| Spread: | Treasuries plus 90 bps
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| Price talk: | Treasuries plus 105 bps area
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| 2029 notes
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| Amount: | $1.25 billion
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| Issue: | Sustainability-linked senior notes
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| Maturity: | March 1, 2029
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| Coupon: | 2.7%
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| Spread: | Treasuries plus 110 bps
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| Price talk: | Treasuries plus 125 bps area
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| 2032 notes
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| Amount: | $1.5 billion
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| Issue: | Senior notes
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| Maturity: | March 1, 2032
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| Coupon: | 2.9%
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| Spread: | Treasuries plus 130 bps
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| Price talk: | Treasuries plus 145 bps area
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|
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| 2052 notes
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| Amount: | $1 billion
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| Issue: | Senior notes
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| Maturity: | March 1, 2052
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| Coupon: | 3.7%
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| Spread: | Treasuries plus 160 bps
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| Price talk: | Treasuries plus 175 bps area
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| 2062 notes
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| Amount: | $500 million
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| Issue: | Senior notes
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| Maturity: | March 1, 2062
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| Coupon: | 3.9%
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| Spread: | Treasuries plus 180 bps
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| Price talk: | Treasuries plus 195 bps area
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