S&P Global's Mobility unit launches $2 billion debt offering ahead of spinoff

S&P Global Inc. (NYSE: SPGI) announced that Mobility Global Inc., a holding company for its Mobility division, has commenced a private offering of $2 billion in senior notes ahead of a planned separation from the parent company.

The offering includes senior notes due in 2029, 2031, and 2036. Mobility Global has also entered into a $500 million senior unsecured revolving credit facility, according to the company's statement.

S&P Global intends to separate its Mobility division through a spinoff to shareholders. Upon completion of the separation, Mobility Global plans to use the net proceeds from the offering to finance a cash payment to S&P Global for the transfer of certain assets, liabilities and entities. Any remaining proceeds will fund fees, expenses and general corporate purposes.

The notes are being offered to qualified institutional buyers under Rule 144A and to persons outside the United States under Regulation S. Net proceeds from the offering will be held in escrow until certain conditions related to the separation are met.

Mobility Global describes itself as providing mobility intelligence data and analytics across the vehicle lifecycle. Its portfolio includes brands such as CARFAX, automotiveMastermind, Polk Automotive Solutions, and Market Scan.

The notes have not been registered under the Securities Act of 1933 and may not be offered or sold in the United States except pursuant to an exemption from registration requirements. The company will provide a registration rights agreement allowing for potential future exchange of the notes for registered securities.

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