New Issue: Priceline sells $1 billion 3.6% 10-year senior notes at 180 bps over Treasuries

By Cristal Cody

Eureka Springs, Ark., May 18 – Priceline Group Inc. sold $1 billion of 3.6% 10-year senior notes at 99.807 to yield 3.623% on Wednesday, according to an FWP filed with the Securities and Exchange Commission.

The notes (Baa1/BBB+) priced with a spread of 180 basis points over Treasuries.

Bookrunners were Goldman Sachs & Co., BofA Merrill Lynch, Wells Fargo Securities LLC, Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and U.S. Bancorp Investments Inc.

Proceeds will be used for general corporate purposes, which may include share repurchases, debt repayment and acquisitions.

Priceline is a Norwalk, Conn.-based online travel agency.

Issuer:	Priceline Group Inc.
Amount:	$1 billion
Maturity:	June 1, 2026
Securities:	Senior notes
Bookrunners:	Goldman Sachs & Co., BofA Merrill Lynch, Wells Fargo Securities LLC, Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, U.S. Bancorp Investments Inc.
Co-managers:	HSBC Securities (USA) Inc., Standard Chartered Bank, SunTrust Robinson Humphrey, Inc., TD Securities (USA) LLC
Coupon:	3.6%
Price:	99.807
Yield:	3.623%
Spread:	Treasuries plus 180 bps
Call feature:	Make-whole call before March 1, 2026 at greater of par and Treasures plus 30 bps; on or after at par
Pricing date:	May 18
Settlement date:	May 23
Ratings:	Moody’s: Baa1
	S&P: BBB+
Distribution:	SEC registered

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