Moody’s announces early results of oversubscribed tender offer

Chicago, Dec. 13 – Moody’s Corp. announced the early results of its offer to purchase for cash up to $100 million aggregate purchase price of its outstanding notes from four series, according to a press release.

Noteholders tendered the following amounts of notes by the early deadline:

• $200,344,000, or 40.07%, of the $500 million outstanding 2.55% senior notes due 2060 (Cusip: 615369AU9) with pricing to be calculated using the 3% U.S. Treasury due Aug. 15, 2052 and a fixed spread of 110 basis points;

• $214,392,000, or 42.88%, of the $500 million outstanding 3.1% senior notes due 2061 (Cusip: 615369AX3) with pricing to be calculated using the 3% U.S. Treasury due Aug. 15, 2052 and a fixed spread of 125 bps;

• $164,925,000, or 27.49%, of the $600 million outstanding 2.75% senior notes due 2041 (Cusip: 615369AV7) with pricing to be calculated using the 4% U.S. Treasury due Nov. 15, 2042 and a fixed spread of 110 bps; and

• $65,026,000 of the $300 million outstanding 3.25% senior notes due 2050 (Cusip: 615369AT2) with pricing to be calculated using the 3% U.S. Treasury due Aug. 15, 2052 and a fixed spread of 135 bps.

The offer was oversubscribed. Moody’s announced that it was increasing the maximum amount in the tender offer to accept all of the 2.55% senior notes due 2060 tendered in the offer.

The total consideration includes an early tender payment of $50 per $1,000 principal amount of notes tendered by the early tender date.

Holders tendering after the early tender date would not be eligible to receive the early tender payment.

The company will pay accrued interest to but excluding the settlement date.

The early tender date was 5 p.m. ET on Dec. 13, also the withdrawal deadline.

Pricing will be determined at 10 a.m. ET on Dec. 14.

Early settlement is expected to occur on Dec. 15.

The offer will expire at 11:59 p.m. ET at the end of Dec. 28.

The offer is subject to the maximum purchase amount, the acceptance priority levels and proration procedures.

Citigroup Global Markets Inc. (212 723-6106 or 800 558-3745) is the dealer manager for the offer.

Global Bondholder Services Corp. (https://www.gbsc-usa.com/moodys/; 212 430-3774 or 855 654-2014; contact@gbsc-usa.com) is the depositary and information agent.

Moody’s is a New York-based risk assessment firm and the parent company of credit ratings agency Moody’s Investors Service.

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