Nielsen driving by with $500 million more Neptune Bidco 9.29% notes; initial talk 97-97.5

By Paul A. Harris

Portland, Ore., Feb. 6 – Nielsen Holdings plc plans to price a $500 million add-on to the Neptune BidCo US Inc. 9.29% senior secured notes due April 15, 2029 (B2/B/BB) in a Monday drive-by, according to market sources.

Initial guidance has the Rule 144A and Regulation S deal coming at 97 to 97.5 on the dollar, implying a yield ranging from 9.84% to 9.95%, a sellside source said.

BofA Securities Inc. is on the left of a syndicate of mangers that includes 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, Morgan Stanley & Co. LLC, RBC Capital Markets LLC, Truist Securities Inc., CIBC World Markets Corp., Fifth Third Securities Inc. and MUFG Securities Americas Inc.

The notes become callable after Oct. 15, 2025 at 104.645.

The New York-based media data and analytics company plans to use the proceeds to refinance a portion of its senior secured term loan A entered into in connection with the acquisition of Nielsen by Evergreen Coast Capital Corp., an affiliate of Elliott Investment Management LP and Brookfield Business Partners LP.

The $16 billion acquisition closed last October.

The original Neptune BidCo $1.96 billion issue of 9.29% secured notes due April 2029 priced on Nov. 8, 2022.

© 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.