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Stock impact report

Multiversity Adds Investor Protections to €1.1 Billion Bond Sale [BNN Bloomberg (Canada)]

S&P Global Inc. (SPGI) 
Last s&p global inc. earnings: 4/28 07:10 am Check Earnings Report
US:NYSE Investor Relations: stocktwits.com/symbol/s
Company Research Source: BNN Bloomberg
The Italian education company set slightly tighter price levels for the bond sale, split evenly between floating and fixed-rate notes, and added a number of document changes including a so-called “J Crew blocker”, according to a person familiar with the matter who asked not to be identified because they're not authorized to speak about it. J Crew blockers prohibit the transfer of some assets to unrestricted subsidiaries, a key pain point for investors. Other changes include a reduction of contribution debt to 100% from 200% and the security release threshold being increased to 75% consent from 50%, the person added. The bond sale is part of owner CVC Capital Partners's move to transfer Multiversity to a continuation fund and add debt to its balance sheet, a plan that was dubbed as “aggressive” by S&P Global Ratings due to the increase in the firm's debt-to-earnings ratio. ©2024 Bloomberg L.P. Top Picks Top Stories Federal Reserve says interest rates will stay at two-decad Show less Read more
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