By Andrea Heisinger
New York, Aug. 16 - Moody's Corp. sold an upsized $500 million of 5.5% 10-year senior unsecured notes on Monday to yield Treasuries plus 300 basis points, a source close to the sale said.
This was in line with talk in the 300 bps area. The size was increased from $400 million.
The notes (/BBB+/) priced at 99.374 to yield 5.582%.
There is a make-whole call of Treasuries plus 45 bps and a change-of-control put at 101%.
Goldman Sachs & Co. and J.P. Morgan Securities Inc. ran the books. Citigroup Global Markets Inc. was a passive bookrunner.
Wells Fargo Securities LLC was co-lead manager. Mitsubishi UFJ Securities, Morgan Stanley & Co. Inc., RBS Securities Inc. and SunTrust Robinson Humphrey Inc. were the co-managers.
Proceeds will be used for general corporate purposes, including debt repayment.
The credit ratings and research agency is based in New York City.
| Issuer: | Moody's Corp.
|
| Issue: | Senior unsecured notes
|
| Amount: | $500 million, upsized from $400 million
|
| Maturity: | Sept. 1, 2020
|
| Bookrunners: | Goldman Sachs & Co., J.P. Morgan Securities Inc. (active), Citigroup Global Markets Inc. (passive)
|
| Co-lead manager: | Wells Fargo Securities LLC
|
| Co-managers: | Mitsubishi UFJ Securities, Morgan Stanley & Co. Inc., RBS Securities Inc., SunTrust Robinson Humphrey Inc.
|
| Coupon: | 5.5%
|
| Price: | 99.374
|
| Yield: | 5.582%
|
| Spread: | Treasuries plus 300 bps
|
| Call: | Make-whole at Treasuries plus 45 bps
|
| Change-of-control put: | 101%
|
| Trade date: | Aug. 16
|
| Settlement date: | Aug. 19
|
| Rating: | Standard & Poor's: BBB+
|
| Price talk: | 300 bps area
|
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