Refinitiv starts full roadshow for $5.5 billion equivalent in secured and unsecured notes

By Paul A. Harris

Portland, Ore., Sept. 5 – Refinitiv began a roadshow on Wednesday for a $5.5 billion equivalent amount of high-yield notes, which will be sold in four tranches, according to market sources.

The deal is coming in two tranches each of secured (B2/B/BB+) and unsecured notes (Caa2/B-/B+), including:

• $2 billion of 7.5-year senior secured notes with initial price talk in the low 7% area;

• $1 billion equivalent of 7.5-year senior secured notes with initial price talk in the 5% area;

• $1.8 billion of eight-year senior unsecured notes with initial price talk in the low 9% area; and

• $700 million equivalent of eight-year senior unsecured notes with initial price talk in the 7% area.

The deal is being marketed by means of a full roadshow taking it into the Sept. 17 week, during which it is expected to price, sources say.

JPMorgan is the global coordinator and physical bookrunner.

The notes in all four tranches come with three years of call protection.

Proceeds, along with $8 billion equivalent of term loan debt, will be used to help fund the acquisition of a 55% stake in Thomson Reuters Financial & Risk by Blackstone, Canada Pension Plan Investment Board and GIC, and for general corporate purposes.

When the acquisition is completed, Thomson Reuters’ Financial & Risk US Holdings Inc. will be renamed as Refinitiv US Holdings Inc.

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