Summary
S&P Global Inc. (SPGI) has filed an 8-K report on May 3, 2018, primarily to disclose its intention to redeem its outstanding 2.500% Senior Notes due 2018 (the "2018 Notes"). This redemption is planned to be funded by the proceeds from a new offering of senior notes. Investors should note that this filing is a disclosure of intent and does not constitute a formal notice of redemption, with no assurance provided that the redemption will occur. The company also announced its intention to launch a registered public offering of new senior notes. The net proceeds from this new offering are earmarked for fully or partially redeeming the existing $400 million principal amount of 2018 Notes, with any remaining funds to be used for general corporate purposes. The new notes will be guaranteed by S&P Global Inc.'s subsidiary, Standard & Poor's Financial Services LLC.
Key Highlights
- 1S&P Global Inc. (SPGI) plans to redeem its 2.500% Senior Notes due 2018.
- 2The redemption of the 2018 Notes will be funded by the proceeds from a new senior notes offering.
- 3The company intends to offer new senior notes in a registered public offering.
- 4The aggregate principal amount of the 2018 Notes outstanding is $400 million.
- 5Net proceeds from the new offering will be used for the redemption and general corporate purposes.
- 6The new notes will be guaranteed by the subsidiary Standard & Poor's Financial Services LLC.
- 7This filing serves as a disclosure of intent, not a formal redemption notice.