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CME Group plans to price two-tranche offering of notes to finance Nex Group acquisition
By Cristal Cody
Tupelo, Miss., June 14 – CME Group Inc. (Aa3/AA-) plans to price two tranches of notes, according to a 424B5 filing with the Securities and Exchange Commission on Thursday.
J.P. Morgan Securities, LLC, Barclays, BofA Merrill Lynch, BMO Capital Markets Corp., Credit Suisse Securities (USA), Lloyds Securities Inc., MUFG and Wells Fargo Securities LLC are the bookrunners.
The notes will have make-whole and par calls, as well as a special acquisition redemption.
The issue also has a 101% change-of-control put.
Proceeds will be used along with cash on hand to finance the cash portion of the acquisition costs of NEX Group plc.
CME Group announced in March it would acquire the London electronic FX and fixed income cash trading platform operator in a deal valued at about $5.4 billion, including about $2.7 billion in cash. The company will pay £10 per share, which includes 500 pence in cash and 0.0444 CME Group shares. If the acquisition does not close on or before June 30, 2019, CME Group will be required to redeem the new notes at 101.
CME Group is a Chicago-based derivatives electronic trading marketplace.
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