Thomson Reuters $5.5 billion bridge syndications underway; commitments due July 9

By Paul A. Harris

Portland, Ore., June 29 – Syndication efforts are underway for Thomson Reuters Financial & Risk’s $5.5 billion of bridge loans expected to lead to high-yield bonds, market sources say.

Dealers are in the market with a $3 billion equivalent amount of 7.5-year senior secured bridge debt in dollars and euros, priced at Libor/Euribor plus 400 basis points, and $2.5 billion equivalent of eight-year senior unsecured bridge debt in dollars and euros, priced at Libor/Euribor plus 625 bps.

Of the secured portion, $1 billion equivalent is expected to be euro denominated. The unsecured portion is expected to have $700 million equivalent of euro-denominated debt.

Commitments are due July 9.

Joint bookrunner JPMorgan is the administrative agent. BofA Merrill Lynch and Citigroup are also joint bookrunners.

The debt financing is being put in place to help fund the acquisition of a 55% stake in the company by Blackstone, Canada Pension Plan Investment Board and GIC, according to a news release.

Thomson Reuters will retain a 45% equity stake in the company.

The debt financing is also expected to include $5.5 billion of term loan debt.

Thomson Reuters Financial & Risk is a media and information company based in New York City.

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