By Paul A. Harris
St. Louis, July 20 - Interactive Data Corp. priced a $700 million issue of eight-year senior notes (Caa1/B-/) at par to yield 10¼% on Tuesday, according to an informed source.
The yield printed at the tight end of the 10 3/8% area price talk.
Barclays Capital Inc., Bank of America Merrill Lynch, Credit Suisse and UBS Investment Bank were the joint bookrunners.
RBC Capital Markets Corp. and Banco Santander are the co-managers.
The notes were issued in conjunction with Igloo Merger Corp., which will be merged into and with Interactive Data.
Proceeds will be used to help fund the $3.4 billion leveraged buyout of the company by Silver Lake and Warburg Pincus for $33.86 in cash per share.
Interactive Data is a Bedford, Mass.-based provider of financial market data.
| Issuer: | Interactive Data Corp. (Igloo Merger Corp.)
|
| Amount: | $700 million
|
| Maturity: | Aug. 1, 2018
|
| Securities: | Senior notes
|
| Bookrunners: | Barclays Capital Inc., Bank of America Merrill Lynch, Credit Suisse, UBS Investment Bank
|
| Co-managers: | RBC Capital Markets Corp., Banco Santander
|
| Coupon: | 10¼%
|
| Price: | Par
|
| Yield: | 10¼%
|
| Spread: | 731 bps
|
| Call features: | Make-whole call at Treasuries plus 50 bps until Aug. 1, 2014, then callable at 105.125, 102.563, par on and after Aug. 1, 2016
|
| Equity clawback: | 35% at 110.25 until Aug. 1, 2013
|
| Change-of-control put: | 101%
|
| Trade date: | July 20
|
| Settlement date: | July 29
|
| Ratings: | Moody's: Caa1
|
| Standard & Poor's: B-
|
| Distribution: | Rule 144A and Regulation S with registration rights
|
| Price talk: | 10 3/8% area
|
| Marketing: | Full roadshow
|
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