By Paul A. Harris
St. Louis, June 10 - TransUnion LLC and TransUnion Financing Corp. priced a $645 million issue of eight-year senior notes (B3/B-/) at par to yield 11 3/8% on Thursday, according to an informed source.
The yield printed at the tight end of the 11½% area price talk.
J.P. Morgan Securities Inc., Bank of America Merrill Lynch, Deutsche Bank Securities Inc. and Credit Suisse were the joint bookrunners.
While marketing the deal, TransUnion modified the bond covenants as well as the language of the bond indenture.
Also during the marketing process the Chicago-based provider of credit information attached registration rights to the notes, which initially came to market as a Rule 144A for life offering.
Proceeds will be used to finance a portion of the purchase of TransUnion Corp. equity in connection with the acquisition of the company by Madison Dearborn Partners and to help repay debt.
| Issuers: | TransUnion LLC and TransUnion Financing Corp.
|
| Amount: | $645 million
|
| Maturity: | June 15, 2018
|
| Securities: | Senior notes
|
| Bookrunners: | J.P. Morgan Securities Inc., Bank of America Merrill Lynch, Deutsche Bank Securities Inc., Credit Suisse
|
| Coupon: | 11 3/8%
|
| Price: | Par
|
| Yield: | 11 3/8%
|
| Spread: | 848 bps
|
| Call features: | Make-whole call at Treasuries plus 50 bps until June 15, 2014, then callable at 105.688, 102.844, par on and after June 15, 2016
|
| Equity clawback: | 35% at 111.375 until June 15, 2013
|
| Change-of-control put: | 101%
|
| Trade date: | June 10
|
| Settlement date: | June 15
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B-
|
| Distribution: | Rule 144A and Regulation S with registration rights
|
| Price talk: | 11½% area
|
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