Prosus readies three-part benchmark offering of senior notes

Chicago, Jan. 11 – Prosus NV is preparing a dollar-denominated offering comprised of three notes with maturities ranging from five years to 30 years (Baa3/BBB), according to information from a market source.

The Rule 144A and Regulation S offering will include notes due Jan. 19, 2027 that are being marketed with initial price talk for a spread in the 215 basis points area over Treasuries.

Notes due Jan. 19, 2032 have initial talk in the 260 bps area over Treasuries.

And notes due Jan. 19, 2052 are expected in the 315 bps over Treasuries area.

There will be an optional make-whole redemption and then a par call. The par call dates will be Dec. 19, 2026 (five-year notes), Oct. 19, 2031 (10-year notes) and July 19, 2051 (30-year notes).

Any change of control will require the issuer to make an offer to buy the notes at 101.

Joint global coordinators and bookrunners are BNP Paribas, Citigroup, Deutsche Bank and Goldman Sachs Bank Europe SE. For the 10-year notes, Citi is handling billing and delivery. Billing and delivery is being done by Deutsche Bank for the five-year and 30-year tranches.

Proceeds will be used for general corporate purposes, including acquisitions and investments.

Listing will be on Euronext Dublin.

Amsterdam-based Prosus is the international internet assets division of Cape Town, South Africa-based Naspers Ltd.

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