Published on 8/10/2017 in the Prospect News Investment Grade Daily.
New Issue: Intercontinental Exchange prices $1 billion of notes in two tranches
By Cristal Cody
Tupelo, Miss., Aug. 10 – Intercontinental Exchange Inc. sold $1 billion of guaranteed senior notes (A2/A) in two parts on Thursday, according to a market source and an FWP filing with the Securities and Exchange Commission.
The company priced $500 million of 2.35% five-year notes at 99.771 to yield 2.398%, or a spread of Treasuries plus 62 basis points. The notes were talked to price in the Treasuries plus 65 bps area.
The $500 million tranche of 3.1% 10-year notes priced at 99.792 to yield 3.124%. The notes were sold with a 92 bps spread over Treasuries, on the tight side of guidance in the 95 bps area over Treasuries.
BofA Merrill Lynch, Wells Fargo Securities LLC, MUFG, Loop Capital Markets LLC, Mizuho Securities USA LLC and PNC Capital Markets LLC were the bookrunners on the five-year notes.
BofA Merrill Lynch, Wells Fargo, MUFG, BBVA Securities Inc., BMO Capital Markets Corp. and Fifth Third Securities, Inc. were the bookrunners on the 10-year notes.
The notes are guaranteed by NYSE Holdings LLC.
Proceeds will be used for general corporate purposes, including to redeem NYSE Holdings’ $850 million of 2% senior unsecured notes due in October 2017 and to pay down commercial paper.
Atlanta-based Intercontinental Exchange is a network of regulated exchanges and clearing houses for financial and commodity markets.
| Issuer: | Intercontinental Exchange Inc.
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| Guarantor: | NYSE Holdings LLC
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| Amount: | $1 billion
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| Description: | Senior notes
|
| Trade date: | Aug. 10
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| Settlement date: | Aug. 17
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| Ratings: | Moody’s: A2
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| S&P: A
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| Distribution: | SEC registered
|
|
|
| Five-year notes
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| Amount: | $500 million
|
| Maturity: | Sept. 15, 2022
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| Coupon: | 2.35%
|
| Price: | 99.771
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| Yield: | 2.398%
|
| Spread: | Treasuries plus 62 bps
|
| Call features: | Make-whole call at Treasuries plus 10 bps before Aug. 15, 2022; thereafter at par
|
| Bookrunners: | BofA Merrill Lynch, Wells Fargo Securities LLC, MUFG, Loop Capital Markets LLC, Mizuho Securities USA LLC and PNC Capital Markets LLC
|
| Senior co-managers: | BBVA Securities Inc., BMO Capital Markets Corp. and Fifth Third Securities, Inc.
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| Co-managers: | Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, SG Americas Securities, LLC and Goldman Sachs & Co. LLC
|
| Price guidance: | Treasuries plus 65 bps area
|
|
|
| Ten-year notes
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| Amount: | $500 million
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| Maturity: | Sept. 15, 2027
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| Coupon: | 3.1%
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| Price: | 99.792
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| Yield: | 3.124%
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| Spread: | Treasuries plus 92 bps
|
| Call features: | Make-whole call at Treasuries plus 15 bps before June 15, 2027; thereafter at par
|
| Bookrunners: | BofA Merrill Lynch, Wells Fargo Securities LLC, MUFG, BBVA Securities Inc., BMO Capital Markets Corp. and Fifth Third Securities, Inc.
|
| Senior co-managers: | Loop Capital Markets LLC, Mizuho Securities USA LLC and PNC Capital Markets LLC
|
| Co-managers: | Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, SG Americas Securities, LLC and Goldman Sachs & Co. LLC
|
| Price guidance: | Treasuries plus 95 bps area
|
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