Published on 12/17/2019 in the Prospect News High Yield Daily.
New Issue: Alliance Data Systems prices upsized $850 million five-year notes at par to yield 4¾%
By Paul A. Harris
Portland, Ore., Dec. 17 – Alliance Data Systems Corp. priced an upsized $850 million issue of five-year senior notes at par to yield 4¾% on Tuesday, according to market sources.
The issue size increased from $600 million.
The yield printed at the tight end of the 4¾% to 5% yield talk. Initial guidance had the deal coming to yield in the 5% area.
BofA Securities Inc. was the left bookrunner. Joint bookrunners were MUFG, Wells Fargo Securities LLC, Mizuho Securities USA Inc., SunTrust Robinson Humphrey Inc., Morgan Stanley & Co. LLC, BNP Paribas Securities Corp., SMBC Nikko Securities America Inc. and Scotia Capital (USA) Inc.
The Columbus, Ohio-based marketing services provider plans to use the proceeds, including the incremental proceeds resulting in the $250 million upsizing of the deal, to pay down its term loans and for general corporate purposes.
| Issuer: | Alliance Data Systems Corp.
|
| Amount: | $850 million, increased from $600 million
|
| Tenor: | Five years
|
| Securities: | Senior notes
|
| Left bookrunner: | BofA Securities Inc.
|
| Joint bookrunners: | MUFG, Wells Fargo Securities LLC, Mizuho Securities USA Inc., SunTrust Robinson Humphrey Inc., Morgan Stanley & Co. LLC, BNP Paribas Securities Corp., SMBC Nikko Securities America Inc. and Scotia Capital (USA) Inc.
|
| Co-managers: | Fifth Third Securities Inc., RBC Capital Markets Corp., BBVA Securities Inc., CIBC, Citizens Capital Markets Inc., KeyBanc Capital Markets Inc., Regions Securities LLC, U.S. Bancorp Investments Inc., Deutsche Bank Securities Inc. and Raymond James & Associates
|
| Coupon: | 4¾%
|
| Price: | Par
|
| Yield: | 4¾%
|
| Call protection: | Callable after two years at 102.375
|
| Trade date: | Dec. 17
|
| Settlement date: | Dec. 20
|
| Distribution: | Rule 144A for life
|
| Price talk: | 4¾% to 5%
|
| Marketing: | Roadshow
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
