By Paul Deckelman
New York, Aug. 1 – MSCI Inc. priced an upsized $500 million of 10-year senior notes (Ba2/BB+) on Monday at par to yield 4¾%, high-yield syndicate sources said.
The quick-to-market issue was upsized from the $400 million originally announced earlier in the session.
The notes priced at the tight end of pre-deal price talk in the 4¾% to 5% area.
The Rule 144A and Regulation S issue was brought to market via bookrunners J.P. Morgan Securities LLC, Goldman Sachs & Co. and Morgan Stanley & Co. Inc.
The offering was marketed to potential investors via a morning conference call.
The bonds have five years of call protection.
MSCI, a New York-based provider of analytics and research to money managers and other investors, plans to use the proceeds from the bond deal for general corporate purposes, including buybacks of its common stock and potential acquisitions.
| Issuer: | MSCI Inc.
|
| Amount: | $500 million, upsized from $400 million
|
| Maturity: | Aug. 1, 2026
|
| Security description: | Senior notes
|
| Bookrunners: | J.P. Morgan Securities LLC, Goldman Sachs & Co., Morgan Stanley & Co. Inc.
|
| Coupon: | 4¾%
|
| Price: | Par
|
| Yield: | 4¾%
|
| Spread: | 326 bps over 1 5/8% U.S. Treasuries due May 15, 2026
|
| Call protection: | Non-callable, other than via make-whole call at Treasuries plus 50 bps, until Aug. 1, 2021; then callable according to schedule
|
| Trade date: | Aug. 1
|
| Settlement date: | Aug. 4 (T+3)
|
| Ratings: | Moody’s: Ba2
|
| S&P: BB+
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 4¾% to 5%
|
| Marketing: | Quick to market
|
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