By Andrea Heisinger
New York, May 1 - Pearson Funding Five plc priced $500 million of 3.25% 10-year notes on Wednesday at a spread of 165 basis points over Treasuries, an informed source said.
The notes (Baa1/BBB+/) were sold at 99.873 to yield 3.265%.
There is a make-whole call at 25 bps over Treasuries.
Bookrunners were Barclays, Deutsche Bank Securities Inc. and HSBC Securities (USA) Inc.
The sale was done under Rule 144A and Regulation S.
The multinational publishing and education company is based in London.
| Issuer: | Pearson Funding Five plc
|
| Issue: | Notes
|
| Amount: | $500 million
|
| Maturity: | May 8, 2023
|
| Bookrunners: | Barclays, Deutsche Bank Securities Inc., HSBC Securities (USA) Inc.
|
| Coupon: | 3.25%
|
| Price: | 99.873
|
| Yield: | 3.265%
|
| Spread: | Treasuries plus 165 bps
|
| Call: | Make-whole at Treasuries plus 25 bps
|
| Distribution: | Rule 144A, Regulation S
|
| Trade date: | May 1
|
| Settlement date: | May 8
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: BBB+
|
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