New Issue: Western Union prices $500 million of 2.85% senior notes due 2025 at 125 bps spread

By Cristal Cody

Tupelo, Miss., Nov. 18 – Western Union Corp. (Baa2/BBB/BBB+) priced $500 million of 2.85% senior notes due Jan. 10, 2025 on Monday at a spread of 125 basis points over Treasuries, according to a market source.

Initial talk was in the Treasuries plus 150 bps area.

Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Wells Fargo Securities LLC were the bookrunners.

Western Union marketed the deal with fixed income investor calls and meetings that ended Friday.

Proceeds will be used fund a tender offer for the company’s $324.9 million of 5.253% notes due 2020 and for general corporate purposes.

Western Union is an Englewood, Colo.-based money transfer network.

Issuer:	Western Union Corp.
Amount:	$500 million
Description:	Senior notes
Maturity:	Jan. 10, 2025
Bookrunners:	Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Wells Fargo Securities LLC
Co-managers:	BNY Mellon Capital Markets, LLC, CIBC World Markets Corp., Credit Suisse Securities (USA) LLC, Fifth Third Securities, Inc., J.P. Morgan Securities LLC, Mizuho Securities USA LLC, MUFG, Scotia Capital (USA) Inc. and U.S. Bancorp Investments, Inc.
Coupon:	2.85%
Spread:	Treasuries plus 125 bps
Trade date:	Nov. 18
Ratings:	Moody’s: Baa2
	S&P: BBB
	Fitch: BBB+
Distribution:	SEC registered
Price guidance:	Treasuries plus 130 bps area, plus or minus 5 bps; initial talk at Treasuries plus 150 bps area
Marketing:	Fixed income investor calls and meetings

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