Summary
S&P Global Inc. (SPGI) has announced the successful expiration and final results of its previously launched exchange offers and consent solicitations related to IHS Markit Ltd. notes. This action is a direct consequence of the recently completed merger between S&P Global and IHS Markit, which closed on February 28, 2022. The exchange offers allowed holders of IHS Markit notes to exchange them for new notes issued by S&P Global and cash, while the consent solicitations aimed to amend the IHS Markit note indentures to remove restrictive covenants and certain default provisions. All conditions for these offers and solicitations have been met, with settlement expected on March 2, 2022. The amendments to the IHS Markit indentures, which are contingent upon settlement, will significantly alter the terms of those notes. Investors should note that this filing primarily concerns the administrative and financial restructuring following the merger, aiming to integrate the debt of the acquired entity and streamline future financing.
Key Highlights
- 1S&P Global Inc. has completed the exchange offers and consent solicitations for IHS Markit Ltd. notes.
- 2These actions were contingent upon and followed the closing of the S&P Global - IHS Markit merger on February 28, 2022.
- 3The exchange offers allowed holders to swap IHS Markit notes for new S&P Global notes and cash.
- 4Consent solicitations aimed to eliminate restrictive covenants and certain default provisions in IHS Markit note indentures.
- 5All conditions for the exchange offers and consent solicitations have been satisfied.
- 6Settlement of these transactions is expected on March 2, 2022.
- 7Amendments to the IHS Markit indentures will become operative upon settlement.