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S&P Global prices tenders for any and all of 3.3%, 6.55% senior notes
By Wendy Van Sickle
Columbus, Ohio, Nov. 25 – S&P Global Inc. priced its cash tender offer for any and all of its outstanding $700 million 3.3% senior notes due 2020 and $400 million 6.55% senior notes due 2037, according to a press release.
The notes are guaranteed by the company’s subsidiary, Standard & Poor's Financial Services LLC.
For each $1,000 principal amount of notes, the issuer will pay a tender offer consideration of $1,009.61 for the 3.3% notes and $1,489.44 for the 6.55% notes.
Pricing for the 3.3% notes was set using the 1.5% Treasury due Aug. 15, 2020 plus 30 basis points, and pricing for the 6.55% notes was set using the 2.25% Treasury due Aug. 15, 2049 plus 80 bps.
Pricing was set at 2 p.m. ET on Nov. 25.
Holders must validly tender their notes at or before the expiration time, 5 p.m. ET on Nov. 25, in order to be eligible to receive the tender offer consideration.
Holders will also receive accrued interest.
The company expects the settlement date to occur on Nov. 26.
Tendered notes may be withdrawn at any time at or before the expiration time.
The tender offer is conditioned on, among other things, successful completion of an offering of its new senior notes. The company announced that it plans to sell fixed-rate senior notes in two tranches.
To the extent that all of the outstanding 2020 notes are not tendered and purchased in the offer, the company may, but is not obligated to, use a portion of any remaining net proceeds from the offering of new senior notes to redeem all or a portion of the remaining 2020 notes.
D.F. King & Co., Inc. (800 317-8033 or spgi@dfking.com) is the tender agent and information agent. Goldman Sachs & Co. LLC (800 828-3182 toll-free, 212 902-6941 collect) and Citigroup Global Markets Inc. (800 558-3745 toll-free or 212 723-6106 collect) are the dealer managers.
S&P Global is a New York-based provider of ratings, benchmarks, analytics and data to the capital and commodity markets.
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