Published on 8/6/2018 in the Prospect News Investment Grade Daily.
New Issue: Intercontinental Exchange prices $2.25 billion three-part offering of senior notes
By Cristal Cody
Tupelo, Miss., Aug. 6 – Intercontinental Exchange Inc. sold $2.25 billion of senior notes (A2/A/) in three tranches on Monday, according to a market source.
The company priced $400 million of 3.45% five-year notes at a spread of Treasuries plus 65 basis points. The notes were talked to price in the Treasuries plus 70 bps area, plus or minus 5 bps.
The $600 million tranche of 3.75% 10-year notes priced with a 90 bps spread over Treasuries, on the tight side of guidance in the Treasuries plus 95 bps area, plus or minus 5 bps.
Intercontinental Exchange sold a $1.25 billion tranche of 4.25% 30-year bonds with a spread of Treasuries plus 120 bps. Price guidance on the notes was in the Treasuries plus 125 bps area, plus or minus 5 bps.
BofA Merrill Lynch, Wells Fargo Securities and MUFG were bookrunners for all three tranches and were joined on the 2023 tranche by ICBC Standard Bank plc and PNC Capital Markets LLC, on the 2028 tranche by Loop Capital Markets LLC and Mizuho Securities USA LLC and on the 2048 tranche by BBVA Securities Inc., BMO Capital Markets Corp. and Fifth Third Securities, Inc.
Proceeds will be used for general corporate purposes, including the redemption of the company’s $600 million of 2018 senior notes, 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.
|
| Amount: | $2.25 billion
|
| Description: | Senior notes
|
| Trade date: | Aug. 6
|
| Settlement date: | Aug. 13
|
| Ratings: | Moody’s: A2
|
| S&P: A
|
| Distribution: | SEC registered
|
|
|
| Five-year notes
|
| Amount: | $400 million
|
| Maturity: | Sept. 21, 2023
|
| Coupon: | 3.45%
|
| Spread: | Treasuries plus 65 bps
|
| Bookrunners: | BofA Merrill Lynch, Wells Fargo Securities, LLC, MUFG Securities Americas Inc., ICBC Standard Bank plc and PNC Capital Markets LLC
|
| Senior co-managers: | BBVA Securities Inc., BMO Capital Markets Corp., Fifth Third Securities, Inc., Loop Capital Markets LLC and Mizuho Securities USA 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 70 bps area, plus or minus 5 bps; initial price talk in the Treasuries plus 85 bps area
|
|
|
| Ten-year notes
|
| Amount: | $600 million
|
| Maturity: | Sept. 21, 2028
|
| Coupon: | 3.75%
|
| Spread: | Treasuries plus 90 bps
|
| Bookrunners: | BofA Merrill Lynch, Wells Fargo Securities, LLC, MUFG Securities Americas Inc., Loop Capital Markets LLC and Mizuho Securities USA LLC
|
| Senior co-managers: | BBVA Securities Inc., BMO Capital Markets Corp., Fifth Third Securities, Inc., ICBC Standard Bank plc 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, plus or minus 5 bps; initial price talk in the Treasuries plus 115 bps area
|
|
|
| Thirty-year notes
|
| Amount: | $1.25 billion
|
| Maturity: | Sept. 21, 2048
|
| Coupon: | 4.25%
|
| Spread: | Treasuries plus 120 bps
|
| Bookrunners: | BofA Merrill Lynch, Wells Fargo Securities, LLC, MUFG Securities Americas Inc., BBVA Securities Inc., BMO Capital Markets Corp. and Fifth Third Securities, Inc.
|
| Senior co-managers: | ICBC Standard Bank plc, 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 125 bps area, plus or minus 5 bps; initial price talk in the Treasuries plus 145 bps area
|
© 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.
