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Published on 4/4/2022 in the Prospect News Investment Grade Daily and Prospect News Liability Management Daily.

S&P Global gets $2.35 million more tenders; wraps three-note offer

By Wendy Van Sickle

Columbus, Ohio, April 4 – S&P Global Inc. received additional tenders of approximately $2.35 million principal amount of three notes after the early deadline for its any-and-all tender offer started on March 4, according to a press release.

The company previously reported its receipt of about $1.6 billion of notes prior to the early deadline of 5 p.m. ET on March 17.

The offer expired at 11:59 p.m. ET on March 31.

Noteholders tendered the following amounts of notes:

• $1.54 million regular tenders and $682,044,000 early tenders of the $734,098,000 outstanding 5% senior notes due 2022 (Cusips: 78409VAT1, U75091AF2);

• $162,000 regular tenders and $413,326,000 early tenders of the $700 million outstanding 4% senior notes due 2025 (Cusips: 78409VAD6, 78409VAC8, U75091AA3); and

• $645,000 regular tenders and $548,837,000 early tenders of the $795,818,000 outstanding 4.75% senior notes due 2025 (Cusips: 78409VAW4, U75091AJ4).

The total consideration is $1,013.60 based on the first par call date and the 0.125% U.S. Treasury due July 31, 2022 plus 50 basis points for the 5% notes; $1,047.20 based on the 0.25% U.S. Treasury due May 31, 2025 plus 30 bps for the 4% notes; and $1,053.96 using the first par call date and the 0.75% U.S. Treasury due Nov. 15, 2024 plus 50 bps for the 4.75% notes.

Investors who tendered their notes by the early deadline were due a $30 early tender payment, which is included in the total consideration.

Unpaid interest was also be paid to the relevant settlement date.

The notes are guaranteed by subsidiary Standard & Poor’s Financial Services LLC.

Pricing took place at 10 a.m. ET on March 18.

Final settlement occurred on April 4.

S&P called any notes remaining after the tender offer for redemption on April 20, as previously reported.

Goldman Sachs & Co. LLC (800 828-3182, 212 902-6351), J.P. Morgan Securities LLC (866 834-4666, 212 834-4045) and Mizuho Securities USA LLC (866 271-7403, 212 205-7736) are the dealer managers.

D.F. King & Co., Inc. (877 864-5060, spgi@dfking.com) is the information and tender agent for the offer.

S&P Global is a financial information and analytics provider with headquarters in New York.


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