Published on 6/22/2016 in the Prospect News Investment Grade Daily.
New Issue: Broadridge Financial details $500 million 3.4% 10-year notes sold at 175 bps spread
By Cristal Cody
Eureka Springs, Ark., June 22 – Broadridge Financial Solutions, Inc. sold $500 million of 3.4% 10-year senior notes on Tuesday at 99.589 to yield 3.449%, according to additional details of the issuance in an FWP filing with the Securities and Exchange Commission.
As previously reported, the notes (Baa1/BBB+/BBB+) priced with a spread of 175 basis points over Treasuries.
J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, MUFG, Wells Fargo Securities LLC, BNP Paribas Securities Corp., TD Securities (USA) Inc. and U.S. Bancorp Investments Inc. were the bookrunners.
Proceeds will be used to repay outstanding debt under the company’s senior credit facility, to finance acquisitions and for general corporate purposes.
Broadridge Financial is a Lake Success, N.Y.-based producer of goods and services for securities processing, clearing and outsourcing, and investor communications.
| Issuer: | Broadridge Financial Solutions, Inc.
|
| Amount: | $500 million
|
| Maturity: | June 27, 2026
|
| Securities: | Senior notes
|
| Bookrunners: | J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, MUFG, Wells Fargo Securities LLC, BNP Paribas Securities Corp., TD Securities (USA) Inc., U.S. Bancorp Investments Inc.
|
| Co-managers: | Barclays, BMO Capital Markets Corp., HSBC Securities (USA) Inc.
|
| Coupon: | 3.4%
|
| Price: | 99.589
|
| Yield: | 3.449%
|
| Spread: | Treasuries plus 175 bps
|
| Call feature: | Make-whole call before March 27, 2026 at Treasuries plus 30 bps; on or after March 27, 2026 at par
|
| Pricing date: | June 21
|
| Settlement date: | June 27
|
| Ratings: | Moody’s: Baa1
|
| S&P: BBB+
|
| Fitch: BBB+
|
| Distribution: | SEC registered
|
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