By Rebecca Melvin
Concord, N.H., Jan. 12 – Prosus NV priced $3.25 billion of senior notes in five-, 10- and 30-year tranches (Baa3/BBB), according to a market source on Wednesday.
The Rule 144A and Regulation S offering includes $1 billion 3.257% five-year notes that priced at par to yield a spread over Treasuries of 175 basis points. The final terms were tight to initial price talk for a spread in the 215 bps area over Treasuries.
A $1 billion tranche of 4.193% 10-year notes priced at par to yield Treasuries plus 245 bps. That pricing was tight to initial talk in the 260 bps area over Treasuries.
And a $1.25 billion tranche of 4.987% 30-year notes priced at par to yield Treasuries plus 290 bps. This tranche had been expected to yield 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). The make-whole premiums are Treasuries plus 30 bps, 40 bps and 45 bps, respectively.
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.
| Issuer: | Prosus NV
|
| Amount: | $3.25 billion
|
| Issue: | Senior notes
|
| Bookrunners: | BNP Paribas, Citigroup, Deutsche Bank and Goldman Sachs Bank Europe SE
|
| Pricing date: | Jan. 12
|
| Settlement date: | Jan. 19
|
| Ratings: | Moody’s: Baa3
|
| S&P: BBB
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Five-year notes
|
| Amount: | $1 billion
|
| Maturity: | Jan. 19, 2027
|
| Coupon: | 3.257%
|
| Price: | Par
|
| Yield: | 3.257%
|
| Spread: | Treasuries plus 175 bps
|
| Calls: | Make-whole call at 30 bps over Treasuries, then par call on Dec. 19, 2026
|
| Price talk: | Treasuries plus 215 bps area
|
| ISINs: | US74365PAG37, USN7163RAW36
|
|
|
| 10-year notes
|
| Amount: | $1 billion
|
| Maturity: | Jan. 19, 2032
|
| Coupon: | 4.193%
|
| Price: | Par
|
| Yield: | 4.193%
|
| Spread: | Treasuries plus 245 bps
|
| Calls: | Make-whole call at 40 bps over Treasuries, then par call on Oct. 19, 2031
|
| Price talk: | Treasuries plus 260 bps area
|
| ISINs: | US74365PAH10, USN7163RAX19
|
|
|
| 30-year notes
|
| Amount: | $1.25 billion
|
| Maturity: | Jan. 19, 2052
|
| Coupon: | 4.987%
|
| Price: | Par
|
| Yield: | 4.987%
|
| Spread: | Treasuries plus 290 bps
|
| Calls: | Make-whole call at 45 bps over Treasuries, then par call on July 19, 2051
|
| Price talk: | Treasuries plus 315 bps area
|
| ISINs: | US74365PAJ75, USN7163RAY91
|
|
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
