Published on 1/13/2011 in the Prospect News High Yield Daily.
New Issue: Nuveen prices $150 million tap of 10½% notes due 2017 at 102.75
By Paul A. Harris
Portland, Ore., Jan. 13 - Nuveen Investments, Inc. priced a $150 million add-on to its 10½% senior notes due Nov. 15, 2015 (Caa3/CCC/) at 102.75 on Thursday, resulting in a 9.357% yield to worst, according to an informed source.
The reoffer price came on top of the price talk.
Bank of America Merrill Lynch, Deutsche Bank Securities Inc., Citigroup Global Markets Inc., Credit Suisse Securities, J.P. Morgan Securities LLC, Morgan Stanley & Co. Inc., UBS Investment Bank and Wells Fargo Securities were the joint bookrunners for the quick-to-market add-on.
Proceeds will be used to pay down revolver debt and for general corporate purposes.
Nuveen is a Chicago-based provider of investment services.
| Issuer: | Nuveen Investments, Inc.
|
| Amount: | $150 million
|
| Maturity: | Nov. 15, 2015
|
| Security description: | Add-on to the 10½% senior notes
|
| Bookrunners: | Bank of America Merrill Lynch, Deutsche Bank Securities Inc., Citigroup Global Markets Inc., Credit Suisse Securities, J.P. Morgan Securities LLC, Morgan Stanley & Co. Inc., UBS Investment Bank, Wells Fargo Securities
|
| Coupon: | 10½%
|
| Price: | 102.75
|
| Yield: | 9.357%
|
| Spread: | 728 bps
|
| Call features: | Make-whole call at Treasuries plus 50 bps until Nov. 15, 2011, then callable at 105.25, 102.625, par on and after Nov. 15, 2013
|
| Equity clawback: | Until Nov. 15, 2010 for 35%
|
| Trade date: | Jan. 13
|
| Settlement date: | Jan. 19
|
| Ratings: | Moody's: Caa3
|
| Standard & Poor's: CCC
|
| Distribution: | Rule 144A with registration rights and Regulation S
|
| Price talk: | 102.75 area
|
| Marketing: | Quick to market
|
| Original issue: | $785 million priced at par on Oct. 31, 2007
|
| Total issue size: | $935 million
|
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