VNU/Nielsen restructures $1.67 multi-tranche bond offering

By Paul A. Harris

St. Louis, July 24 - The $1.67 billion equivalent multi-tranche high-yield bond deal backing the acquisition of VNU NV by Valcon Acquisition BV has been restructured, market sources told Prospect News on Monday.

The new structure includes a €200 million tranche of 10-year senior subordinated discount notes to be issued by VNU NV, the holding company, and a downsized $600 million equivalent tranche of 10-year senior subordinated discount notes (Caa1/CCC+) to be issued in dollar-denominated and euro-denominated tranches by Nielsen Finance LLC.

The new structure replaces the proposed Nielsen Finance $835 million equivalent tranche of 10-year senior subordinated discount notes.

Meanwhile the Nielsen Finance $835 million equivalent offering of eight-year senior notes (B3/CCC+) remains unchanged. The eight-year senior notes are being offered in both dollar-denominated and euro-denominated tranches.

The notes are expected to price late this week or early next week.

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.

Haarlem, The Netherlands-based VNU is market research company of which Nielsen Finance is a subsidiary.

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