Neptune BidCo whispers $1.96 billion long six-year secured notes for all-in yield of 10%-11%

By Abigail W. Adams

Portland, Me., Nov. 3 – Neptune BidCo US Inc. whispered its $1.96 billion of senior secured notes due April 15, 2029 backing the buyout of Nielsen Holdings plc with a coupon of 9¼% to 9½% and an OID for an all-in yield of 10% to 11%.

The roadshow will begin on Thursday with pricing expected the week of Nov. 7.

The notes carry three years of call protection.

BofA Securities Inc. is lead left bookrunner for the Rule 144A and Regulation S offering.

Barclays, Mizuho Securities USA Inc., Credit Suisse Securities (USA) LLC, HSBC Securities (USA) Inc., KKR Capital Markets LLC, Nomura Securities International Inc., Citigroup Global Markets Inc., BMO Capital Markets Corp., Goldman Sachs & Co. LLC, Jefferies LLC, Macquarie Capital (USA) Inc., Morgan Stanley & Co. LLC, RBC Capital Markets LLC, BNP Paribas Securities Corp., CIBC World Markets Corp., Truist Securities Inc., Fifth Third Securities Inc. and MUFG are also joint bookrunners.

There is a poison put of 101 and an equity clawback of up to 40% during the no-call period.

Proceeds will be used to refinance the bridge facility used, together with other secured debt and equity, to find the acquisition of Nielsen by Evergreen Coast Capital Corp., an affiliate of Elliott Investment Management LP, and Brookfield Business Partners LP.

Nielsen is a New York-based media data and analytics company.

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