Interactive Data Corporation (the "Company") today announced the pricing of its offering of $350 million in aggregate principal amount of 5.875% senior notes due 2019 (the "Notes").
The Company estimates that the net proceeds from the offering will be approximately $343.8 million, after deducting estimated offering expenses. The Company intends to use the net proceeds from this placement, together with the net proceeds of the expected borrowings under the Company's new credit facility and cash on hand, to refinance its existing term loans, to redeem its existing 10.25% senior notes due 2018, and to fund a distribution to its parent entities, which in turn intend to pay an approximately $273 million distribution to their equity holders.
The Notes are being sold in a private placement to qualified institutional buyers pursuant to Rule 144A and Regulation S under the Securities Act of 1933, as amended (the "Securities Act"). The sale of the Notes is expected to close on May 2, 2014, subject to customary closing conditions.