By Andrea Heisinger
New York, May 1 - Pearson Funding Four plc priced $500 million of 3.75% 10-year senior notes on Tuesday at a spread of Treasuries plus 187.5 basis points, an informed source said.
The paper was priced tighter than initial guidance in the low 200 bps area, the source said, which was considered the 200 bps to 210 bps range and at the low end of revised talk in the 190 bps area, plus or minus 2.5 bps.
The notes (Baa1/BBB+/) were priced at 99.365 to yield 3.827%. There is a make-whole call at Treasuries plus 30 bps.
The deal was priced under Rule 144A and Regulation S.
BNP Paribas Securities Corp., Citigroup Global Markets Inc. and RBS Securities Inc. were the bookrunners.
The diversified media company is based in London.
| Issuer: | Pearson Funding Four plc
|
| Issue: | Senior notes
|
| Amount: | $500 million
|
| Maturity: | May 8, 2022
|
| Bookrunners: | BNP Paribas Securities Corp., Citigroup Global Markets Inc., RBS Securities Inc.
|
| Coupon: | 3.75%
|
| Price: | 99.365
|
| Yield: | 3.827%
|
| Spread: | Treasuries plus 187.5 bps
|
| Call: | Make-whole at Treasuries plus 30 bps
|
| Distribution: | Rule 144A, Regulation S
|
| Trade date: | May 1
|
| Settlement date: | May 8
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: BBB+
|
| Price talk: | Low 200 bps area (whispered), 190 bps area, plus or minus 2.5 bps (revised)
|
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