By Rebecca Melvin
New York, Jan. 26 - Nielsen Holdings NV priced $250 million of two-year mandatory convertible subordinated bonds at par of $50 to yield 6.25% with an initial conversion premium of 20%, according to a syndicate source.
As previously reported, the Nielsen mandatories, which priced late Tuesday, 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 $23.00 per share. The shares are listed on the New York Stock Exchange under the ticker symbol "NLSN."
Proceeds are earmarked to pay down debt.
The mandatories' conversion price is $27.60, with a maximum conversion ratio of 2.1739 shares per convertible and a minimum ratio of 1.8116 shares. There are no investor puts, but there is takeover and dividend protection.
J.P. Morgan Securities and Morgan Stanley & Co. Inc. were the bookrunners, with Credit Suisse Securities, Deutsche Bank Securities Inc., Goldman Sachs & Co. and Citigroup Global Markets Inc. acting as co-managers.
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
|
| Maturity: | Feb. 1, 2013
|
| Concurrent offering: | $1.64 billion of common stock at $23.00 per share
|
| Bookrunners: | J.P. Morgan Securities, LLC, Morgan Stanley & Co. Inc.
|
| Co-managers: | Credit Suisse Securities, Deutsche Bank Securities Inc., Goldman Sachs & Co., Citigroup Global Markets Inc.
|
| Dividend: | 6.25%
|
| Price: | Par of $50.00
|
| Yield: | 6.25%
|
| Conversion premium: | 20%
|
| Conversion price: | $27.60
|
| Maximum conversion: | 2.1739
|
| Minimum conversion: | 1.8116
|
| Calls: | Non-callable
|
| Puts: | No puts
|
| Takeover protection: | Yes
|
| Dividend protection: | Yes
|
| Pricing date: | Jan. 25
|
| Settlement date: | Feb. 1
|
| Stock reference price: | $23.00 as per IPO
|
| Stock symbol: | Nasdaq: NLSN
|
| Distribution: | Registered
|
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