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IHS Markit gets tenders for $742.85 million of 5% notes issued by IHS
By Angela McDaniels
Tacoma, Wash., July 26 – IHS Markit Ltd. received tenders for $742,848,000 principal amount, or 99.05%, of the $750 million of 5% senior notes due 2022 issued by IHS Inc., according to a company news release.
An exchange offer for the notes ended at 11:59 p.m. ET on July 25. It was made in connection with the merger of IHS with Markit Ltd., which was completed on July 12. Markit was renamed IHS Markit.
Holders will receive $1,000 principal amount of new 5% senior notes due 2022 issued by IHS Markit and $5 of cash in exchange for each $1,000 principal amount of the IHS notes.
Holders will also receive accrued interest up to but excluding the settlement date, which is expected to be July 28.
The company also solicited consents to make amendments to the indenture governing the notes. Enough consents were received, and the amendments became operative when IHS Markit accepted the tendered notes for exchange.
Holders could not deliver consents without tendering notes in the exchange offer. Holders who tendered in the exchange were deemed to have delivered consents.
The exchange offer was contingent on the completion of the acquisition.
The companies previously said the purpose of the exchange offer is to promote a more efficient capital structure following the merger.
The new notes are guaranteed on a senior unsecured basis by each of IHS Markit’s subsidiaries that are borrowers or guarantors under the new credit facilities that IHS Markit will enter into once the acquisition is complete.
The exchange agent and information agent is D.F. King & Co., Inc. (800 330-4627, 212 269-5550 or dfking.com/ihs).
IHS is an Englewood, Colo.-based provider of information and analytics. Markit provides financial information services and is based in London.
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