Vista-Backed Alegeus Eyes Cost Savings by Ditching Private Debt [BNN Bloomberg (Canada)]
S&P Global Inc. (SPGI)
Last s&p global inc. earnings: 4/28 07:10 am
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Source: BNN Bloomberg
The healthcare benefits company is tapping the public leveraged loan market for a $525 million 5-year offering that will be used to repay the debt as well as fund a distribution to Vista, according to a person familiar with the matter who asked not to be identified because the information is private. Initial pricing discussions call for a margin between 5 and 5.25 percentage points over the Secured Overnight Financing Rate, offered at a discounted price of 98 cents, the person said. That's substantially cheaper than the private loan the company obtained at 8.25 percentage points over the benchmark, according to regulatory filings for business development companies that hold the debt. Assuming the size of the new loan is the same as the debt it's refinancing, the all-in spread savings for the company equates to $75 million over the life of the loan including the discounted price of 98 cents, according to Bloomberg calculations. S&P Global Ratings assigned a B rating to the offer
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SPGI
Earnings
- 7/30/24 - Beat
SPGI
Sec Filings
- 8/9/24 - Form 4
- 8/9/24 - Form 4
- 8/7/24 - Form 144
- SPGI's page on the SEC website