By Cristal Cody
Tupelo, Miss., Sept. 7 – Carlyle Finance LLC (BBB+/BBB+) priced an upsized $350 million of 30-year senior guaranteed notes with a 5.65% coupon in a Rule 144A- and Regulation S-eligible offering on Friday, according to a market source and a news release.
The deal was upsized from $300 million.
Additional pricing terms were not immediately available.
Price guidance on the notes was in the Treasuries plus 255 basis points spread area, plus or minus 5 bps. The notes were initially talked to price in the Treasuries plus 275 bps area.
J.P. Morgan Securities LLC and Morgan Stanley & Co., LLC were the bookrunners.
The notes are guaranteed by parent company Carlyle Group LP and indirect subsidiaries Carlyle Holdings I LP, Carlyle Holdings II LP and Carlyle Holdings III LP.
Carlyle plans to use the proceeds to repay outstanding debt with a tender offer to purchase up to $250 million of 3.875% senior notes due 2023 and/or its promissory note due Jan. 1, 2022 and for general corporate purposes.
Carlyle Group is a Washington, D.C.-based investment firm.
| Issuer: | Carlyle Finance LLC
|
| Guarantors: | Carlyle Group LP and indirect subsidiaries Carlyle Holdings I LP, Carlyle Holdings II LP and Carlyle Holdings III LP
|
| Amount: | $350 million
|
| Description: | Senior notes
|
| Maturity: | Sept. 15, 2048
|
| Bookrunners: | J.P. Morgan Securities LLC and Morgan Stanley & Co., LLC
|
| Coupon: | 5.65%
|
| Trade date: | Sept. 7
|
| Ratings: | S&P: BBB+
|
| Fitch: BBB+
|
| Distribution: | Rule 144A, Regulation S
|
| Marketing: | Fixed income investor calls
|
| Price guidance: | Treasuries plus 255 bps area, plus or minus 5 bps; initial price talk at Treasuries plus 275 bps area
|
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