Published on 11/19/2015 in the Prospect News Investment Grade Daily.
New Issue: IntercontinentalExchange prices $2.5 billion of five, 10-year notes
By Aleesia Forni
New York, Nov. 19 – IntercontinentalExchange Inc. priced a $2.5 billion two-tranche offering of senior notes (A2/A) on Thursday, according to a market source and an FWP filed with the Securities and Exchange Commission.
The company sold $1.25 billion of 2.75% five-year notes at 99.888 to yield 2.774%, or 110 basis points over Treasuries.
Pricing was tighter than guidance set in the Treasuries plus 120 bps area, which had tightened from talk in the Treasuries plus 135 bps area.
A $1.25 billion 3.75% tranche of 10-year bonds priced with a 150 bps spread over Treasuries. The notes sold at 99.983 to yield 3.752%.
The 10-year tranche also sold inside of guidance set in the Treasuries plus 160 bps area. Initially, talk was set in the Treasuries plus 175 bps area.
Bookrunners are BofA Merrill Lynch, Wells Fargo Securities LLC, MUFG and Morgan Stanley & Co. LLC.
Proceeds will be used to fund the acquisition of Interactive Data Holdings Corp.
Atlanta-based IntercontinentalExchange is a network of regulated exchanges and clearing houses for financial and commodity markets.
| Issuer: | IntercontinentalExchange Inc.
|
| Issue: | Senior notes
|
| Amount: | $2.5 billion
|
| Bookrunners: | BofA Merrill Lynch, Wells Fargo Securities LLC, MUFG, Morgan Stanley & Co. LLC
|
| Co-managers: | BBVA Securities Inc., BMO Capital Markets Corp., Fifth Third Securities, Inc., Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, SG Americas Securities, LLC, U.S. Bancorp Investments, Inc., Lloyds Securities Inc., Goldman Sachs & Co.
|
| Trade date: | Nov. 19
|
| Settlement date: | Nov. 24
|
| Ratings: | Moody’s: A2
|
| Standard & Poor’s: A
|
| Distribution: | SEC registered
|
|
|
| Five-year notes
|
| Amount: | $1.25 billion
|
| Maturity: | Dec. 1, 2020
|
| Coupon: | 2.75%
|
| Price: | 99.888
|
| Yield: | 2.774%
|
| Spread: | Treasuries plus 110 bps
|
| Price guidance: | Treasuries plus 120 bps area, tightened from Treasuries plus 135 bps area
|
| Make-whole call: | Treasuries plus 20 bps prior to Nov. 1, 2020, then callable at par
|
|
|
| 10-year notes
|
| Amount: | $1.25 billion
|
| Maturity: | Dec. 1, 2025
|
| Coupon: | 3.75%
|
| Price: | 99.983
|
| Yield: | 3.752%
|
| Spread: | Treasuries plus 150 bps
|
| Price guidance: | Treasuries plus 160 bps area, tightened from Treasuries plus 175 bps area
|
| Make-whole call: | Treasuries plus 25 bps prior to Sept. 1, 2025, then callable at par
|
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