New Issue: Nielsen prices upsized $650 million tap of Neptune Bidco 9.29% notes due 2029 at 98

By Paul A. Harris

Portland, Ore., Feb. 6 – Nielsen Holdings plc priced an upsized $650 million add-on to the Neptune BidCo US Inc. 9.29% senior secured notes due April 15, 2029 (B2/B/BB) at 98 on Monday, according to market sources.

The issue size increased from $500 million.

The issue price came at the rich end of the 97.5 to 98 price talk. Initial guidance was 97 to 97.5.

BofA Securities Inc. was on the left of a syndicate of deal managers that also included 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 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.

Issuer:	Neptune BidCo US Inc.
Amount:	$650 million, increased from $500 million
Issue:	Senior notes add-on
Maturity:	April 15, 2029
Managers:	BofA Securities Inc., 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.
Coupon:	9.29%
Price:	98
First call:	Oct. 15, 2025 at 104.645
Trade date:	Feb. 6
Ratings:	Moody's: B2
	S&P: B
	Fitch: BB
Distribution:	Rule 144A and Regulation S
Price talk:	97.5 to 98
Marketing:	Drive-by
Original issue:	$1.96 billion priced on Nov. 8, 2022

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