VNU launches $1.67 billion equivalent multi-tranche note offering

By Paul A. Harris

St. Louis, July 11 - VNU NV has launched its $1.67 billion multi-tranche note offering, according to market sources.

A roadshow got underway Tuesday in London. The U.S. roadshow start will follow, beginning on Monday. Pricing is expected to take place on July 24.

VNU plans to sell $835 million equivalent of eight-year senior notes, which come with four years of call protection, and $835 million equivalent proceeds of 10-year senior subordinated discount notes, with five years of call protection.

Both series of notes will be sold in dollar-denominated and euro-denominated tranches.

Deutsche Bank Securities, JP Morgan, Citigroup, ABN Amro and ING are joint bookrunners.

The company will also put in place a €4.89 billion credit facility.

Proceeds will be used to partially fund the €7.6 billion acquisition of VNU by Valcon Acquisition BV, a group of investors that includes Kohlberg Kravis Roberts & Co. and Carlyle Group.

VNU is a Haarlem, Netherlands-based market research company.

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