Prosus launches €1.75 billion of senior notes due 2026, 2030, 2034

By Rebecca Melvin

Concord, N.H., Jan. 12 – Prosus NV launched an offering comprised of three series of notes with maturities ranging from four years to 12 years (Baa3/BBB), according to a market source on Wednesday.

Combined order books were seen at €6.75 billion.

The Rule 144A and Regulation S offering includes €500 million notes due Jan. 19, 2026 to yield mid-swaps plus 120 basis points. The final spread was tight to initial talk for a spread in the 155 bps area over mid-swaps.

The €600 million tranche of notes due Jan. 19, 2030 has a yield spread set at mid-swaps plus 183 bps. That was tight to initial talk in the 205 bps area over mid-swaps.

Pricing for the €650 million tranche of notes due Jan. 19, 2034 was set at 233 bps over mid-swaps. That was tight to talk in the 255 bps over mid-swaps area.

There will be an optional make-whole redemption and then a par call. The par call dates will be Dec. 19, 2025 (four-year notes), Oct. 19, 2029 (eight-year notes) and Oct. 19, 2033 (12-year notes).

Any change of control will require the issuer to make an offer to buy the notes at 101.

Joint global coordinators and bookrunners are BNP Paribas, Citigroup, Deutsche Bank and Goldman Sachs Bank Europe SE. Citi was billing and delivery for the four-year and 12-year notes, and Deutsche Bank was billing and delivery for the eight-year notes.

Proceeds will be used for general corporate purposes, including acquisitions and investments.

Listing will be on Euronext Dublin.

Amsterdam-based Prosus is the international internet assets division of Cape Town, South Africa-based Naspers Ltd.

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