By Andrea Heisinger
New York, March 30 - Verisk Analytics, Inc. sold an upsized $450 million of 5.8% 10-year senior notes on Wednesday to yield Treasuries plus 237.5 basis points, according to a press release and a market source.
The size was increased from the $350 million announced on Tuesday.
The notes (Ba1/BBB-/A) were sold at 99.768 to yield 5.83%.
The securities have a make-whole call at 40 bps over Treasuries and feature a change-of-control put at 101%.
Bookrunners were J.P. Morgan Securities LLC and Merrill Lynch.
Co-managers were SunTrust Robinson Humphrey Inc. and Wells Fargo Securities LLC.
Proceeds are being used for general corporate purposes, including debt repayment and/or acquisitions.
The notes are guaranteed by Insurance Services Office, Inc. and other subsidiaries that guarantee the company's revolving credit facility.
The financial services company is based in Jersey City, N.J.
| Issuer: | Verisk Analytics, Inc.
|
| Guarantors: | Insurance Services Office, Inc., other subsidiaries that guarantee the company's revolving credit facility
|
| Issue: | Senior notes
|
| Amount: | $450 million, upsized from $350 million
|
| Maturity: | May 1, 2021
|
| Bookrunners: | J.P. Morgan Securities LLC, Merrill Lynch
|
| Co-managers: | SunTrust Robinson Humphrey Inc., Wells Fargo Securities LLC
|
| Coupon: | 5.8%
|
| Price: | 99.768
|
| Yield: | 5.83%
|
| Spread: | Treasuries plus 237.5 bps
|
| Call: | Make-whole at Treasuries plus 40 bps
|
| Change-of-control put: | 101%
|
| Trade date: | March 30
|
| Settlement date: | April 6
|
| Ratings: | Moody's: Ba1
|
| Standard & Poor's: BBB-
|
| Fitch: A
|
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