New Issue: Priceline sells $500 million 3.65% notes due 2025 at 155 bps spread

By Aleesia Forni

Virginia Beach, March 10 – Priceline Group Inc. sold $500 million 3.65% 10-year senior notes (Baa1/BBB+) with a spread of Treasuries plus 155 basis points on Tuesday, according to a market source and an FWP filed with the Securities and Exchange Commission.

Pricing was at 99.742 to yield 3.681%.

The notes sold at the tight end of price talk.

BofA Merrill Lynch, J.P. Morgan Securities LLC, Wells Fargo Securities LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and Goldman Sachs & Co. were the joint bookrunning managers.

The Norwalk, Conn.-based online travel agency plans to use proceeds for general corporate purposes, which may include share repurchases, repayment of debt and acquisitions.

Issuer:	Priceline Group Inc.
Amount:	$500 million
Description:	Senior notes
Maturity:	March 15, 2025
Bookrunners:	BofA Merrill Lynch, J.P. Morgan Securities LLC, Wells Fargo Securities LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman Sachs & Co.
Coupon:	3.65%
Price:	99.742
Yield:	3.681%
Spread:	155 bps over Treasuries
Make-whole call:	25 bps over Treasuries prior to Dec. 15, 2024, then callable at par
Trade date:	March 10
Settlement date:	March 13
Ratings:	Moody’s: Baa1
	Standard & Poor’s: BBB+
Distribution:	SEC registered
Price talk:	160 bps area over Treasuries, tightened from 175 bps to 187.5 bps

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.