Published on 7/19/2018 in the Prospect News High Yield Daily and Prospect News Investment Grade Daily.
New Issue: IHS Markit prices $1.25 billion of fixed-rate notes due 2023, 2028
By Cristal Cody
Tupelo, Miss., July 19 – IHS Markit Ltd. (Ba1/BBB-/BBB) priced $1.25 billion of senior notes in two tranches on Thursday, according to an FWP filing with the Securities and Exchange Commission.
The company sold $500 million of 4.125% five-year notes at 99.707 to yield 4.19%, or a spread of Treasuries plus 145 basis points.
IHS Markit placed $750 million of 4.75% 10-year notes at 99.628 to yield 4.797% and a Treasuries plus 195 bps spread.
HSBC Securities (USA) Inc., J.P. Morgan Securities LLC and BofA Merrill Lynch were the bookrunners.
IHS Markit will use the proceeds for general corporate purposes, which may include financing a portion of its $1.85 billion acquisition of financial services solutions and data company Ipreo from Blackstone Group LP and the Goldman Sachs Merchant Banking Division and to repay debt under its credit agreements and new revolver.
IHS Markit is a London-based business information and analytics company.
| Issuer: | IHS Markit Ltd.
|
| Amount: | $1.25 billion
|
| Description: | Senior notes
|
| Bookrunners: | HSBC Securities (USA) Inc., J.P. Morgan Securities LLC and BofA Merrill Lynch
|
| Co-managers: | RBC Capital Markets, LLC, Wells Fargo Securities LLC, Barclays, BBVA Securities Inc., Citigroup Global Markets Inc., NatWest Markets Securities Inc., SunTrust Robinson Humphrey, Inc., TD Securities (USA) LLC, U.S. Bancorp Investments, Inc., BMO Capital Markets Corp., BNP Paribas Securities Corp., Citizens Capital Markets, Inc., Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, PNC Capital Markets LLC and SMBC Nikko Securities America, Inc.
|
| Trade date: | July 19
|
| Settlement date: | July 23
|
| Ratings: | Moody’s: Ba1
|
| S&P: BBB-
|
| Fitch: BBB
|
| Distribution: | SEC registered
|
|
|
| Five-year notes
|
| Amount: | $500 million
|
| Maturity: | Aug. 1, 2023
|
| Coupon: | 4.125%
|
| Price: | 99.707
|
| Yield: | 4.19%
|
| Spread: | Treasuries plus 145 bps
|
| Call features: | Make-whole call at Treasuries plus 25 bps before July 1, 2023; thereafter at par
|
| Change-of-control put: | 101%
|
|
|
| 10-year notes
|
| Amount: | $750 million
|
| Maturity: | Aug. 1, 2028
|
| Coupon: | 4.75%
|
| Price: | 99.628
|
| Yield: | 4.797%
|
| Spread: | Treasuries plus 195 bps
|
| Call features: | Make-whole call at Treasuries plus 30 bps before May 1, 2028; thereafter at par
|
| Change-of-control put: | 101%
|
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