debt
confidence high
sentiment neutral
materiality 0.70
Consensus Cloud Solutions issues $805M in senior notes to fund separation from J2 Global
Consensus Cloud Solutions, Inc.
- Issued $305M 6.0% senior notes due 2026 and $500M 6.5% senior notes due 2028.
- Net proceeds of $271M distributed to J2 Global; remainder for expenses and corporate purposes.
- Notes are unsecured senior obligations; partially redeemable at specified prices starting 2023/2026.
- Issuance conditioned on consummation of spin-off from J2 Global.
- Covenants restrict incurring additional debt, dividends, asset sales, and mergers.