By Abigail W. Adams
Portland, Me., July 7 – TripAdvisor Inc. priced $500 million five-year senior notes (B1/BB-) at par to yield 7% in a Tuesday drive-by, according to a market source.
Pricing came tighter than talk for a yield in the 7½% area.
The notes are non-callable for two years.
J.P. Morgan Securities LLC led the Rule 144A and Regulation S offering.
Proceeds will be used for general corporate purposes.
TripAdvisor is a Needham, Mass.-based online travel platform.
| Issuer: | TripAdvisor Inc.
|
| Amount: | $500 million
|
| Tenor: | Five years
|
| Securities: | Senior notes
|
| Bookrunner: | J.P. Morgan Securities LLC (lead left)
|
| Coupon: | 7%
|
| Price: | Par
|
| Yield: | 7%
|
| Call protection: | Two years
|
| Trade date: | July 7
|
| Settlement date: | July 9
|
| Ratings: | Moody's: B1
|
| S&P: BB-
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 7½% area
|
| Marketing: | Quick to market
|
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