Published on 6/6/2018 in the Prospect News Investment Grade Daily.
New Issue: Western Union prices $300 million 4.25% five-year notes at 145 bps spread
By Cristal Cody
Tupelo, Miss., June 6 – The Western Union Co. sold $300 million of 4.25% five-year senior notes on Wednesday at 99.92 to yield 4.268%, or a spread of Treasuries plus 145 basis points, according to a market source and an FWP filing with the Securities and Exchange Commission.
The notes (Baa2/BBB/BBB+) priced on top of guidance.
Barclays and BofA Merrill Lynch were the bookrunners.
Proceeds will be used for general corporate purposes, which may include repaying the company’s 3.65% notes due 2018.
Western Union is an Englewood, Colo.-based money transfer network.
Issuer: | Western Union Co.
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Amount: | $300 million
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Description: | Senior notes
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Maturity: | June 9, 2023
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Bookrunners: | Barclays and BofA Merrill Lynch
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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.
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Coupon: | 4.25%
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Price: | 99.92
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Yield: | 4.268%
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Spread: | Treasuries plus 145 bps
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Call feature: | On or after May 9, 2023 at par
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Change-of-control put: | 101%
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Trade date: | June 6
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Settlement date: | June 11
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Ratings: | Moody’s: Baa2
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| S&P: BBB
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| Fitch: BBB+
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Distribution: | SEC registered
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Price guidance: | Treasuries plus 145 bps area
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