By Cristal Cody
Tupelo, Miss., Aug. 10 – Priceline Group Inc. sold $1 billion of senior notes (Baa1/BBB+) in two tranches on Thursday, according to a market source and an FWP filing with the Securities and Exchange Commission.
The company placed $500 million of 2.75% notes due 2023 at 99.854 to yield 2.778%. The notes priced with a spread of 100 basis points over Treasuries.
Priceline sold $500 million of 3.55% notes due 2028 at 99.918 to yield 3.559% and a spread of Treasuries plus 135 bps.
Both tranches priced on the tight side of talk.
Goldman Sachs & Co., J.P. Morgan Securities LLC, Wells Fargo Securities LLC, Citigroup Global Markets Inc., BofA Merrill Lynch, TD Securities (USA) LLC and U.S. Bancorp Investments Inc. were the bookrunners.
Proceeds will be used for general corporate purposes, including share repurchases, debt repayment and acquisitions.
Priceline is a Norwalk, Conn.-based online travel agency.
| Issuer: | Priceline Group Inc.
|
| Amount: | $1 billion
|
| Description: | Senior notes
|
| Bookrunners: | Goldman Sachs & Co., J.P. Morgan Securities LLC, Wells Fargo Securities LLC, Citigroup Global Markets Inc., BofA Merrill Lynch, TD Securities (USA) LLC and U.S. Bancorp Investments Inc.
|
| Co-managers: | Barclays, Morgan Stanley & Co. LLC and Standard Chartered Bank
|
| Trade date: | Aug. 10
|
| Settlement date: | Aug. 15
|
| Ratings: | Moody’s: Baa1
|
| S&P: BBB+
|
| Distribution: | SEC registered
|
|
|
| Six-year notes
|
| Amount: | $500 million
|
| Maturity: | March 15, 2023
|
| Coupon: | 2.75%
|
| Price: | 99.854
|
| Yield: | 2.778%
|
| Spread: | Treasuries plus 100 bps
|
| Call features: | Make-whole call at greater of par and Treasuries plus 15 bps before Feb. 15, 2023; thereafter at par
|
| Price guidance: | Treasuries plus 105 bps area
|
|
|
| 10.5-year notes
|
| Amount: | $500 million
|
| Maturity: | March 15, 2028
|
| Coupon: | 3.55%
|
| Price: | 99.918
|
| Yield: | 3.559%
|
| Spread: | Treasuries plus 135 bps
|
| Call features: | Make-whole call at Treasuries plus 20 bps before Dec. 15, 2027; thereafter at par
|
| Price guidance: | Treasuries plus 140 bps area
|
© 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.
