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    MSCI   US55354G1004

MSCI INC.

(MSCI)
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MSCI INC. : Other Events, Financial Statements and Exhibits (form 8-K)

05/14/2021 | 04:23pm EDT
Item 8.01 Other Events.


Notes Offering

On May 14, 2021 (the "Closing Date"), MSCI Inc. (the "Company") issued a press release announcing the completion of its private offering of $600.0 million in aggregate principal amount of 3.625% senior unsecured notes due 2031 (the "Notes"). The Notes will mature on November 1, 2031. The Company intends to use the net proceeds from the offering for general corporate purposes, including, without limitation, potential purchases of common stock, investments and acquisitions, and to pay fees and expenses incurred in connection with the offering. The press release is filed as Exhibit 99.1 hereto and is incorporated by reference.

The Notes were issued under the Indenture, dated as of May 14, 2021 (the "Indenture"), among the Company, the subsidiary guarantors party thereto, and Wells Fargo Bank, National Association, as trustee (the "Trustee"). The terms of the Indenture provide that, among other things, the Notes are senior unsecured obligations of the Company and the subsidiary guarantors and will rank equally with any of the Company's unsecured, unsubordinated debt, senior to any of the Company's subordinated debt, will effectively be subordinated to any of the Company's secured debt to the extent of the assets securing such debt and be structurally subordinated to all existing or future liabilities of the Company. The Company's obligations under the Notes are fully and unconditionally, and jointly and severally, guaranteed by the subsidiary guarantors.

Interest on the Notes accrues at a rate of 3.625% per annum. Interest on the Notes is payable semiannually on May 1 and November 1 of each year, commencing on November 1, 2021. Interest on the Notes will begin accruing from May 14, 2021. The Company will make each interest payment to holders of record of the Notes on the immediately preceding April 15 and October 15.

Optional Redemption. At any time prior to November 1, 2026, the Company may redeem all or part of the Notes upon not less than 30 nor more than 60 days' prior notice at a redemption price equal to the sum of (i) 100% of the principal amount thereof, plus (ii) a make-whole premium as of the date of redemption, plus (iii) accrued and unpaid interest and additional interest, if any, thereon, to the date of redemption. In addition, the Company may redeem all or part of the Notes on or after November 1, 2026, at redemption prices set forth in the Indenture, together with accrued and unpaid interest. At any time prior to November 1, 2024, the Company may use the proceeds of certain equity offerings to redeem up to 35% of the aggregate principal amount of the Notes at a redemption price equal to 103.625% of the principal amount, plus accrued and unpaid interest, if any, to the redemption date.

Repurchase upon Change of Control. Upon the occurrence of a change of control triggering event (as defined in the Indenture), each holder of the Notes may require the Company to repurchase all or part of the Notes in cash at a price equal to 101% of the aggregate principal amount of the Notes to be repurchased, plus accrued and unpaid interest, if any, thereon to the date of repurchase.

Other Covenants. The Indenture contains covenants that limit the Company's and certain of its subsidiaries' ability to, among other things, create liens, enter into sale/leaseback transactions and consolidate, merge or sell all or substantially all of the Company's assets. In addition, the Indenture restricts the Company's non-guarantor subsidiaries' ability to create, assume, incur or guarantee additional indebtedness without such non-guarantor subsidiaries guaranteeing the Notes on a pari passu basis.

Events of Default. The Indenture provides for customary events of default (subject in certain cases to customary grace and cure periods), which include non-payment, breach of covenants in the Indenture, payment defaults or acceleration of other indebtedness, a failure to pay certain judgments and certain events of bankruptcy and insolvency. Generally, if an event of default occurs, the Trustee or holders of at least 25% in principal amount of the then-outstanding Notes may declare the principal of and accrued but unpaid interest, if any, including additional interest, if any, on all the Notes to be due and payable immediately.

The foregoing description of the Indenture and the Notes is qualified in its entirety by reference to the full text of the Indenture, a copy of which is attached hereto as Exhibit 4.1, and the Notes, the form of which is attached hereto as Exhibit 4.2, both of which are incorporated herein by reference.

The Notes were offered only to (i) persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the "Securities Act") and (ii) certain non-U.S. persons outside the United States pursuant to Regulation S under the Securities Act. The Notes have not been registered

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under the Securities Act or any state securities laws and therefore may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws. This report does not constitute an offer to sell or the solicitation of an offer to buy the Notes, nor shall it constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful.

Item 9.01 Financial Statements and Exhibits.




(d) Exhibits.




  Exhibit
    No.                                     Description

Exhibit 4.1       Indenture, dated as of May 14, 2021, among MSCI Inc., each of the
                subsidiary guarantors party thereto and Wells Fargo Bank, National
                Association, as Trustee.

Exhibit 4.2       Form of Note for MSCI Inc. 3.625% Senior Notes due November 1,
                2031 (included in Exhibit 4.1).

Exhibit 99.1      Press Release, dated May 14, 2021, titled "MSCI Completes Private
                Offering of $600 Million 3.625% Senior Notes Due 2031."

Exhibit 104     Cover Page Interactive Data File (embedded in the cover page
                formatted in Inline XBRL).

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