Summary
This 8-K filing from Nasdaq, Inc. (NDAQ) on September 22, 2017, announces the successful issuance and sale of $500 million in Senior Floating Rate Notes due 2019. The primary purpose of this debt offering is to fund the cash consideration for Nasdaq's acquisition of eVestment, Inc. The notes will bear interest at a floating rate tied to three-month U.S. dollar LIBOR plus a spread of 0.390% and mature on March 22, 2019. This strategic move indicates Nasdaq's commitment to expanding its business through significant acquisitions. Investors should note that the proceeds are earmarked for the eVestment acquisition, but if the transaction does not close, the funds will be repurposed for general corporate purposes. The filing also includes details of the Supplemental Indenture and Underwriting Agreement associated with this debt issuance.
Key Highlights
- 1Nasdaq issued and sold $500 million in Senior Floating Rate Notes due 2019.
- 2The primary use of proceeds is to fund the acquisition of eVestment, Inc.
- 3The notes bear interest at a floating rate of 3-month USD LIBOR + 0.390% per annum.
- 4The Senior Notes mature on March 22, 2019.
- 5A Fifth Supplemental Indenture to the existing Indenture was executed with Wells Fargo Bank, N.A. as Trustee.
- 6An Underwriting Agreement was entered into with Merrill Lynch, Pierce, Fenner & Smith Incorporated, J.P. Morgan Securities LLC, and Wells Fargo Securities, LLC.
- 7If the eVestment acquisition is not completed, the proceeds will be used for general corporate purposes.