By Rebecca Melvin
New York, Jan. 25 - Nielsen Holdings NV priced $250 million of two-year mandatory convertible subordinated bonds at par of $50 after the market close Tuesday to yield 6.25% with an initial conversion premium of 20%, according to a syndicate source.
The conversion price wasn't immediately available, the syndicate source said.
The Nielsen mandatories came at the rich end of talk, which was for a yield of 6.25% to 6.75% with an initial conversion premium of 15% to 20%, he said.
The mandatories have a $37.5 million greenshoe.
Nielsen also priced an initial public offering of 71.4 million shares of common stock at $23 per share. The shares will be listed on the New York Stock Exchange under the ticker symbol "NLSN."
Proceeds are earmarked to pay down debt.
Underwriters involved in the deal were J.P. Morgan Securities LLC as left lead bookrunner and Morgan Stanley & Co. Inc. as well as Credit Suisse Securities, Deutsche Bank Securities Inc., Goldman Sachs & Co., with Citigroup Global Markets Inc., Bank of America Merrill Lynch, William Blair, Guggenheim Securities, RBS Securities Inc., Wells Fargo, Blaylock Robert Van LLC, HSBC, Loop Capital Markets, Mizuho Securities USA, Ramirez & Co. and Williams Capital Group LP.
Nielsen is an information and measurement company incorporated in the Netherlands with its principal executive offices located in New York.
| Issuer: | Nielsen Holdings NV
|
| Issue: | Mandatory convertible subordinated bonds
|
| Amount: | $250 million
|
| Greenshoe: | $37.5 million
|
| Concurrent offering: | $1.64 billion of common stock at $23.00 per share
|
| Bookrunners: | J.P. Morgan Securities LLC, Morgan Stanley & Co. Inc., Credit Suisse Securities, Deutsche Bank Securities Inc., Goldman Sachs & Co., Citigroup Global Markets Inc., Bank of America Merrill Lynch,, William Blair, Guggenheim Securities, Wells Fargo, Blaylock Robert Van LLC, HSBC, Loop Capital Markets, Mizuho Securities USA, Ramirez & Co. and Williams Capital Group LP
|
| Coupon: | 6.25%
|
| Price: | Par of $50.00
|
| Yield: | 6.25%
|
| Conversion premium: | 20%
|
| Pricing date: | Jan. 25
|
| Stock reference price: | $23.00 as per IPO
|
| Stock symbol: | Nasdaq: NLSN
|
| Distribution: | Registered
|
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