Published on 4/4/2019 in the Prospect News Investment Grade Daily.
New Issue: IHS Markit details $1 billion two-tranche offering of fixed-rate notes
By Cristal Cody
Tupelo, Miss., April 4 – IHS Markit Ltd. (Ba1/BBB-/BBB) offered further details about a $1 billion sale of senior notes that priced in two tranches on Wednesday on the tight side of guidance, according to an FWP filed with the Securities and Exchange Commission.
The company sold $400 million of 3.625% five-year notes at a spread of Treasuries plus 137 basis points. These notes priced at 99.686 to yield 3.693%.
A $600 million tranche of 4.25% 10-year notes priced with a Treasuries plus 180 bps spread. These notes priced at 99.422 to yield 4.321%.
Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, RBC Capital Markets Corp., Barclays and BNP Paribas Securities Corp. were the bookrunners.
Proceeds will be used to repay debt under the company’s multiyear credit agreement.
IHS Markit is a London-based business information and analytics company.
| Issuer: | IHS Markit Ltd.
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| Amount: | $1 billion
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| Description: | Senior notes
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| Bookrunners: | Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, RBC Capital Markets Corp., Barclays and BNP Paribas Securities Corp.
|
| Co-managers: | BBVA Securities Inc., HSBC Securities (USA) Inc., J.P. Morgan Securities LLC, BofA Merrill Lynch, NatWest Markets Securities Inc., SunTrust Robinson Humphrey Inc, TD Securities (USA) LLC, U.S. Bancorp Investments Inc., Wells Fargo Securities LLC, BMO Capital Markets Corp., Citizens Capital Markets, Inc., Goldman Sachs & Co., PNC Capital Markets LLC and SMBC Nikko Securities America, Inc.
|
| Trade date: | April 3
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| Settlement date: | April 8
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| Ratings: | Moody’s: Ba1
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| S&P: BBB-
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| Fitch: BBB
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| Distribution: | SEC registered
|
|
|
| Five-year notes
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| Amount: | $400 million
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| Maturity: | May 1, 2024
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| Coupon: | 3.625%
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| Price: | 99.686
|
| Yield: | 3.693%
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| Spread: | Treasuries plus 137 bps
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| Call: | Make-whole call at Treasuries plus 25 bps until April 1, 2024, then a par call
|
| Price guidance: | Treasuries plus 140 bps area, plus or minus 3 bps; initial talk at Treasuries plus 160 bps area
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|
|
| Ten-year notes
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| Amount: | $600 million
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| Maturity: | May 1, 2029
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| Coupon: | 4.25%
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| Price: | 99.422
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| Yield: | 4.321%
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| Spread: | Treasuries plus 180 bps
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| Call: | Make-whole call at Treasuries plus 30 bps until Feb. 1, 2029, then a par call
|
| Price guidance: | Treasuries plus 183 bps area, plus or minus 3 bps; initial talk at Treasuries plus 200 bps area
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