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MCO > SEC Filings for MCO > Form 8-K on 16-Jul-2014All Recent SEC Filings

Show all filings for MOODYS CORP /DE/

Form 8-K for MOODYS CORP /DE/


Other Events, Financial Statements and Exhibits

Item 8.01, "Other Events"

As previously announced, on July 7, 2014, Moody's Corporation (the "Company") entered into an underwriting agreement by and among the Company and J.P. Morgan Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated, as representatives of the several underwriters named therein (the "Underwriting Agreement"), with respect to the issuance and sale of $450 million aggregate principal amount of the Company's 2.750% Senior Notes due 2019 (the "2019 notes") and $300 million aggregate principal amount of the Company's 5.250% Senior Notes due 2044 (the "2044 notes" and, together with the 2019 notes, the "notes"). The notes were registered under the Company's Registration Statement on Form S-3 (Registration No. 333-190259) (the "Registration Statement") filed with the Securities and Exchange Commission (the "Commission") on July 31, 2013. On July 16, 2014, the Company closed its public offering of the notes. In connection with the closing of the notes offering, the Company entered into a fourth supplemental indenture between the Company and Wells Fargo Bank, National Association, as trustee (the "Trustee"), dated as of July 16, 2014 (the "Fourth Supplemental Indenture"), to the indenture between the Company and the Trustee, dated as of August 19, 2010 (the "Base Indenture" and, together with the Fourth Supplemental Indenture, the "Indenture"). The Fourth Supplemental Indenture includes a form of the notes. The net proceeds of the offering are expected to be used to redeem the Series 2005-1 Senior Unsecured Notes due 2015 and for general corporate purposes, including working capital, capital expenditures, acquisitions of or investments in businesses or assets, redemption and repayment of other indebtedness, and purchases of the Company's common stock under its ongoing stock repurchase program.

The 2019 notes bear interest at the fixed rate of 2.750% per year and mature on July 15, 2019. The 2044 notes bear interest at the fixed rate of 5.250% per year and mature on July 15, 2044. Interest on the notes will be due semiannually on January 15 and July 15 of each year, commencing January 15, 2015. The Company may redeem, in whole or in part, the 2019 notes at any time prior to June 15, 2019, and the 2044 notes at any time, at a price equal to 100% of the principal amount being prepaid, plus accrued and unpaid interest and a make-whole premium. Notwithstanding the immediately preceding sentence, the Company may redeem the 2019 notes, in whole or in part, at any time on or after June 15, 2019 (one month prior to their maturity), at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. Additionally, at the option of the holders of the notes, the Company may be required to purchase all or a portion of the notes upon the occurrence of a "Change of Control Triggering Event," as defined in the Indenture, at a price equal to 101% of the principal amount thereof, plus accrued and unpaid interest to the date of purchase.

The Indenture contains covenants that limit the ability of the Company and certain of its subsidiaries to, among other things, incur or create liens and enter into sale and leaseback transactions. In addition, the Indenture contains a covenant that limits the ability of the Company to consolidate or merge with another entity or to sell all or substantially all of its assets to another entity.

The Indenture contains customary default provisions. In addition, an event of default will occur if the Company or certain of its subsidiaries fail to pay the principal of any Indebtedness (as defined in the Indenture) when due at maturity in an aggregate amount of $50 million or more, or a default occurs that results in the acceleration of the maturity of the Company's or certain of its subsidiaries' Indebtedness in an aggregate amount of $50 million or more. Upon the occurrence and during the continuation of an event of default under the Indenture, the notes may become immediately due and payable either automatically or by the vote of the holders of more than 25% of the aggregate principal amount of all of the notes then outstanding.

The description of the Base Indenture, Fourth Supplemental Indenture and the form of the notes are summaries and are qualified in their entirety by the terms of the indentures and the form of notes included therein. The Base Indenture is attached as Exhibit 4.1 to the Company's Current Report on Form 8-K dated August 19, 2010, filed with the Commission, and the Fourth Supplemental Indenture and form of notes are attached hereto as Exhibits 4.1 and 4.2, respectively.

Item 9.01, "Financial Statements and Exhibits"

(d) Exhibits

 4.1    Fourth Supplemental Indenture, dated July 16, 2014, between the Company
        and Wells Fargo Bank, National Association, as trustee.

 4.2    Form of notes (included in Exhibit 4.1).

 5.1    Opinion of Gibson, Dunn & Crutcher LLP, New York, New York.

23.1    Consent of Gibson, Dunn & Crutcher LLP, New York, New York (included in
        Exhibit 5.1).

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