By Aleesia Forni
Virginia Beach, May 11 – Verisk Analytics Inc. sold a $1.25 billion issue of 10- and 30-year senior notes (Baa3/BBB-/BBB+) on Monday, according to a market source.
The issuer priced a $900 million 4% note due June 15, 2025 at 99.463 to yield 4.065%, or Treasuries plus 180 basis points.
The notes priced at the tight end of the Treasuries plus 185 bps area guidance. The notes were initially talked in the Treasuries plus 200 bps area.
A second tranche was $350 million of 5.5% bonds due June 15, 2045 priced at 99.657 to yield 5.523%, or 250 bps over Treasuries.
The notes sold on top of talk and in line with initial guidance.
The joint bookrunners are BofA Merrill Lynch, J.P. Morgan Securities LLC, SunTrust Robinson Humphrey Inc. and Wells Fargo Securities LLC.
The offering is part of the financing of the company’s acquisition of H&F Nugent 1 Ltd., the indirect parent company of Wood Mackenzie Ltd.
The risk analysis and management company is based in Jersey City, N.J.
| Issuer: | Verisk Analytics Inc.
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| Issue: | Senior notes
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| Amount: | $1.25 billion
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| Bookrunners: | BofA Merrill Lynch, J.P. Morgan Securities LLC, SunTrust Robinson Humphrey Inc., Wells Fargo Securities LLC
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| Co-managers: | Morgan Stanley & Co. LLC, RBS Securities Inc., TD Securities, HSBC Securities, RBC Capital Markets LLC, Williams Capital Group LP, Capital One Securities
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| Trade date: | May 11
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| Settlement date: | May 14
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| Ratings: | Moody’s: Baa3
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| Standard & Poor’s: BBB-
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| Fitch: BBB+
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| Distribution: | SEC-registered
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| 10-year notes
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| Amount: | $900 million
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| Maturity: | June 15, 2025
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| Coupon: | 4%
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| Price: | 99.463
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| Yield: | 4.065%
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| Spread: | 180 bps
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| Price guidance: | 185 bps area, tightened from 200 bps area
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| 30-year bonds
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| Amount: | $350 million
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| Maturity: | June 15, 2045
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| Coupon: | 5.5%
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| Price: | 99.657
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| Yield: | 5.523%
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| Spread: | 250 bps
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| Price guidance: | 250 bps, adjusted from 250 bps area
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