S&P Global Announces Pricing of Offering of $600,000,000 Senior Notes due 2031 and $400,000,000 Senior Notes due 2035

Rhea-AI Summary

S&P Global (NYSE: SPGI) priced a private placement of senior notes totaling $1.0 billion: $600,000,000 of 4.250% notes due January 15, 2031 and $400,000,000 of 4.800% notes due December 4, 2035. Closing is expected on or about December 4, 2025. Interest is payable semi-annually beginning July 15, 2026 (2031 Notes) and June 4, 2026 (2035 Notes).

The Notes are unsecured, unsubordinated obligations guaranteed by Standard & Poor's Financial Services LLC. Net proceeds are intended for general corporate purposes, including possible acquisitions, refinancing, capital expenditures, working capital, or share repurchases.

Positive

• $1.0 billion aggregate principal issued
• Fixed-rate coupons at 4.25% and 4.80%
• Closing expected on December 4, 2025

Negative

• Adds $1.0 billion of corporate debt
• Semi-annual interest payments begin June/July 2026

News Market Reaction

-0.82%

1 alert

-0.82% News Effect

On the day this news was published, SPGI declined 0.82%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

2031 Notes principal: $600,000,000 2035 Notes principal: $400,000,000 2031 coupon: 4.250% per annum +5 more

8 metrics

2031 Notes principal $600,000,000 Aggregate principal amount of 4.250% senior notes due 2031

2035 Notes principal $400,000,000 Aggregate principal amount of 4.800% senior notes due 2035

2031 coupon 4.250% per annum Interest rate on senior notes maturing January 15, 2031

2035 coupon 4.800% per annum Interest rate on senior notes maturing December 4, 2035

First 2031 interest date July 15, 2026 First semi-annual interest payment on 2031 Notes

First 2035 interest date June 4, 2026 First semi-annual interest payment on 2035 Notes

Maturity 2031 Notes January 15, 2031 Scheduled maturity date of 4.250% senior notes

Maturity 2035 Notes December 4, 2035 Scheduled maturity date of 4.800% senior notes

Market Reality Check

Price: $409.54 Vol: Volume 2,643,775 is 1.8x ...

high vol

$409.54 Last Close

Volume Volume 2,643,775 is 1.8x the 20-day average of 1,469,306, indicating elevated interest ahead of the debt deal. high

Technical Shares at $497.56 are trading below the 200-day MA of $508.84 and about 14.07% under the 52-week high.

Peers on Argus

Key peers such as MCO, ICE, CME, MSCI and NDAQ show positive moves between 0.62%...

Key peers such as MCO, ICE, CME, MSCI and NDAQ show positive moves between 0.62% and 1.95%, while SPGI’s move of 0.12% was more muted, suggesting a company-specific financing event against a generally firm group.

Common Catalyst Multiple peers reported capital-markets related news (debt tenders, listing milestones), pointing to broader balance sheet and market-structure activity across the space.

Historical Context

5 past events · Latest: Dec 10 (Negative)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Dec 10	Macro supply index	Negative	+0.1%	Global supply chain volatility index signalled slack capacity and weak demand.
Dec 10	AI partnership	Positive	+0.1%	Multi-year Google Cloud partnership to scale AI, data and automation capabilities.
Dec 09	Energy trends report	Neutral	-0.3%	Release of clean energy and AI-driven power demand trends for 2026.
Dec 04	Leadership changes	Neutral	-0.6%	Key executive appointments to support planned spin-off of Mobility segment.
Dec 01	Debt offering pricing	Neutral	-0.8%	Pricing of $1.0B unsecured senior notes due 2031 and 2035 for general purposes.

Pattern Detected

Recent SPGI news has mostly seen price moves that align directionally with the nature of the announcement, with only one clear divergence where shares rose despite weak macro supply chain data.

Recent Company History

This announcement fits into a period of active strategic and capital markets activity for S&P Global. In Q3 2025, the company reported stronger results with revenue of $3,888 million and diluted EPS of $3.86, alongside significant buybacks and dividends. It is also planning a tax-free spin-off of Mobility within 12–18 months and pursuing acquisitions such as With Intelligence for $1.8 billion. The prior Dec 1, 2025 note offering pricing and the related Dec 4 completion 8-K provide the regulatory backdrop for today’s debt-financing news.

Market Pulse Summary

This announcement detailed the pricing of $600,000,000 4.250% senior notes due 2031 and $400,000,000...

Analysis

This announcement detailed the pricing of $600,000,000 4.250% senior notes due 2031 and $400,000,000 4.800% senior notes due 2035 in a Rule 144A/Reg S private placement. The notes are unsecured, unsubordinated, and guaranteed by Standard & Poor’s Financial Services LLC, with proceeds earmarked for general corporate purposes. In the context of strong recent earnings, active buybacks, and planned portfolio moves, investors may track how this new fixed-rate funding supports acquisitions, refinancings, or share repurchases over time.

Key Terms

senior notes, Rule 144A, Regulation S, qualified institutional buyers, +3 more

7 terms

senior notes financial

"priced an offering (the "Offering") of $600,000,000 aggregate principal amount of 4.250% senior notes due 2031"

Senior notes are a type of loan that a company borrows from investors, promising to pay it back with interest. They are called "senior" because in case the company faces financial trouble, these lenders are paid back before others. This makes senior notes safer for investors compared to other types of loans or bonds.

Rule 144A regulatory

"in a private placement transaction pursuant to Rule 144A and Regulation S under the Securities Act"

Rule 144A is a regulation that makes it easier for companies to sell private bonds to large investors without going through all the usual rules that apply to public sales. It matters because it helps companies raise money more quickly and privately, often attracting big investors looking for special deals.

Regulation S regulatory

"pursuant to Rule 144A and Regulation S under the Securities Act of 1933"

Regulation S is a set of rules that allows companies to sell securities (like shares or bonds) to investors outside the United States without having to follow all U.S. securities laws. It matters because it makes it easier for companies to raise money from international investors while still complying with U.S. regulations.

qualified institutional buyers financial

"sold in the United States only to persons reasonably believed to be qualified institutional buyers"

Qualified institutional buyers are large organizations, like big investment firms or banks, that are allowed to buy certain types of investment opportunities not available to everyday investors. Their size and experience matter because it ensures they understand and can handle complex financial deals, making markets more efficient and secure.

guaranteed financial

"The Notes will be unsecured and unsubordinated obligations of the Company and will be guaranteed by its subsidiary"

A guarantee is a formal promise that a payment or obligation will be met even if the original party cannot fulfill it, often provided by a third party, insurer, or legal contract. For investors it signals lower risk—similar to a co-signer on a loan—because the guarantor should cover missed payments or performance, but the protection only matters as much as the guarantor’s financial strength and the legal enforceability of the promise.

offering memorandum financial

"Any offer of the Notes will be made only by means of an offering memorandum"

A written document that describes the details of a private securities sale, including the investment terms, company background, financial information and the risks involved. Investors use it like a product brochure or car manual to compare offerings and understand what they're buying, how the money will be used and what could go wrong, which helps inform their decision and provides disclosure for legal protection.

private placement financial

"priced an offering (the "Offering") of $600,000,000 ... in a private placement transaction"

A private placement is a way for companies to raise money by selling securities directly to a small group of investors instead of through a public offering. This process is often quicker and less regulated, making it similar to offering a special, exclusive investment opportunity to select individuals or institutions. For investors, it can provide access to unique investment options that are not available on public markets.

AI-generated analysis. Not financial advice.

NEW YORK, Dec. 1, 2025 /PRNewswire/ -- S&P Global (NYSE: SPGI) (the "Company" or "S&P Global") today announced that it has priced an offering (the "Offering") of $600,000,000 aggregate principal amount of 4.250% senior notes due 2031 (the "2031 Notes") and $400,000,000 aggregate principal amount of 4.800% senior notes due 2035 (the "2035 Notes" and, together with the 2031 Notes, the "Notes") in a private placement transaction pursuant to Rule 144A and Regulation S under the Securities Act of 1933, as amended (the "Securities Act").

The 2031 Notes will bear interest at a rate of 4.250% per annum and will mature on January 15, 2031. The 2035 Notes will bear interest at a rate of 4.800% per annum and will mature on December 4, 2035. Interest on the 2031 Notes is payable semi-annually in cash in arrears on January 15 and July 15 of each year, beginning on July 15, 2026. Interest on the 2035 Notes is payable semi-annually in cash in arrears on June 4 and December 4 of each year, beginning on June 4, 2026. The Notes will be unsecured and unsubordinated obligations of the Company and will be guaranteed by its subsidiary, Standard & Poor's Financial Services LLC. The closing of the sale of the Notes is expected to occur on or about December 4, 2025, subject to customary closing conditions.

The Company intends to use the net proceeds from the Offering for general corporate purposes, which may include, without limitation, funding of possible acquisitions, repayment, redemption or refinancing of indebtedness, capital expenditures, working capital, satisfaction of other obligations or repurchase of our outstanding common stock. We may temporarily invest the net proceeds of this offering in short-term, liquid investments until they are used for their stated purpose.

The Notes will be sold in the United States only to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act and outside the United States to non-U.S. persons pursuant to Regulation S under the Securities Act. The Notes have not been registered under the Securities Act and, unless so registered, may not be offered or sold in the United States absent an applicable exemption from registration requirements.

This press release does not constitute an offer to sell or the solicitation of an offer to buy the Notes, nor shall there be any sale of the Notes in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. Any offer of the Notes will be made only by means of an offering memorandum.

About S&P Global

S&P Global (NYSE: SPGI) enables businesses, governments, and individuals with trusted data, expertise and technology to make decisions with conviction. We are Advancing Essential Intelligence through world-leading benchmarks, data, and insights that customers need in order to plan confidently, act decisively, and thrive economically in a rapidly changing global landscape.  

From helping our customers assess new investments across the capital and commodities markets to guiding them through the energy expansion, acceleration of artificial intelligence, and evolution of public and private markets, we enable the world's leading organizations to unlock opportunities, solve challenges, and plan for tomorrow – today.

Contact:

Investor Relations:
Mark Grant
Senior Vice President, Investor Relations and Treasurer
Tel:  +1 (347) 640-1521
mark.grant@spglobal.com

Media:
Christina Twomey
Chief Communications Officer
Tel: +1 (646) 407-3001
christina.twomey@spglobal.com

Forward-Looking Statements: 

This communication contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements, which are based on current expectations, estimates and projections about future business and operating results, the industry and markets in which the Company operates and beliefs of and assumptions made by the Company's management, involve uncertainties that could significantly affect the financial or operating results of the Company. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "will," "should," "may," "projects," "could," "would," "target," "estimates" or variations of such words and other similar expressions are intended to identify such forward-looking statements, which generally are not historical in nature, but not all forward-looking statements include such identifying words. For example, management may use forward-looking statements when addressing topics such as whether the Offering will be completed and the anticipated use of proceeds from the Offering. These statements are not guarantees of future performance and are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed in such forward-looking statements.

Forward-looking statements are subject to inherent risks and uncertainties. Factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements include, among other things:

• worldwide economic, financial, political, and regulatory conditions (including slower GDP growth or recession, restrictions on trade (e.g., tariffs), instability in the banking sector and inflation), and factors that contribute to uncertainty and volatility (e.g., supply chain risk), natural and man-made disasters, civil unrest, public health crises (e.g., pandemics), geopolitical uncertainty (including military conflict), and conditions that result from legislative, regulatory, trade and policy changes, including from the U.S. administration;
• the volatility and health of debt, equity, commodities, energy and automotive markets, including credit quality and spreads, the composition and mix of credit maturity profiles, the level of liquidity and future debt issuances, equity flows from active to passive, fluctuations in average asset prices in global equities, demand for investment products that track indices and assessments and trading volumes of certain exchange-traded derivatives;
• the demand and market for credit ratings in and across the sectors and geographies where the Company operates;
• the Company's ability to maintain adequate physical, technical and administrative safeguards to protect the security of confidential information and data, and the potential for a system or network disruption that results in regulatory penalties and remedial costs or improper disclosure of confidential information or data;
• the outcome of litigation, government and regulatory proceedings, investigations and inquiries;
• concerns in the marketplace affecting the Company's credibility or otherwise affecting market perceptions of the integrity or utility of independent credit ratings, benchmarks, indices and other services;
• the level of merger and acquisition activity in the United States and abroad;
• the level of the Company's future cash flows and capital investments;
• the effect of competitive products (including those incorporating generative artificial intelligence ("AI") and pricing, including the level of success of new product developments and global expansion;
• the impact of customer cost-cutting pressures;
• a decline in the demand for our products and services by our customers and other market participants;
• our ability to develop new products or technologies, to integrate our products with new technologies (e.g., AI), or to compete with new products or technologies offered by new or existing competitors;
• our ability to attract, incentivize and retain key employees, especially in a competitive business environment;
• our ability to successfully navigate key organizational changes, including among our executive leadership;
• the Company's exposure to potential criminal sanctions or civil penalties for noncompliance with foreign and U.S. laws and regulations that are applicable in the jurisdictions in which it operates, including sanctions laws relating to countries such as Iran, Russia and Venezuela, anti-corruption laws such as the U.S. Foreign Corrupt Practices Act and the U.K. Bribery Act of 2010, and local laws prohibiting corrupt payments to government officials, as well as import and export restrictions;
• the continuously evolving regulatory environment in Europe, the United States and elsewhere around the globe affecting each of our businesses and the products they offer, and our compliance therewith;
• the Company's ability to make acquisitions and dispositions and successfully integrate the businesses we acquire;
• consolidation of the Company's customers, suppliers or competitors;
• the introduction of competing products or technologies by other companies;
• the ability of the Company, and its third-party service providers, to maintain adequate physical and technological infrastructure;
• the Company's ability to successfully recover from a disaster or other business continuity problem, such as an earthquake, hurricane, flood, civil unrest, protests, military conflict, terrorist attack, outbreak of pandemic or contagious diseases, security breach, cyber attack, data breach, power loss, telecommunications failure or other natural or man-made event;
• the impact on the Company's revenue and net income caused by fluctuations in foreign currency exchange rates;
• the impact of changes in applicable tax or accounting requirements on the Company;
• the separation of S&P Global Mobility ("Mobility") into a standalone public company not being consummated within the anticipated time period or at all;
• the ability of the separation of Mobility to qualify for tax-free treatment for U.S. federal income tax purposes;
• any disruption to the Company's business in connection with the proposed separation of Mobility;
• any loss of synergies from separating the businesses of Mobility and the Company that adversely impact the results of operations of both businesses, or the companies resulting from the separation of Mobility not realizing all of the expected benefits of the separation;
• following the separation of Mobility, the combined value of the common stock of the two publicly-traded companies not being equal to or greater than the value of the Company's common stock had the separation not occurred; and
• the outcome of the Offering.

The factors noted above are not exhaustive. The Company and its subsidiaries operate in a dynamic business environment in which new risks emerge frequently. Accordingly, the Company cautions readers not to place undue reliance on any forward-looking statements, which speak only as of the dates on which they are made. The Company undertakes no obligation to update or revise any forward-looking statement to reflect events or circumstances arising after the date on which it is made, except as required by applicable law. Further information about the Company's businesses, including information about factors that could materially affect its results of operations and financial condition, is contained in the Company's filings with the SEC, including Item 1A, Risk Factors in our most recently filed Annual Report on Form 10-K, as supplemented by Item 1A, Risk Factors, in our most recently filed Quarterly Report on Form 10-Q.

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SOURCE S&P Global

FAQ

How much debt did S&P Global (SPGI) issue on December 1, 2025?

S&P Global priced $1.0 billion of senior notes: $600M due 2031 and $400M due 2035.

What are the interest rates and maturities of SPGI's new notes?

The 2031 Notes bear 4.250% interest, maturing January 15, 2031; the 2035 Notes bear 4.800%, maturing December 4, 2035.

When will SPGI begin paying interest on the new notes?

Interest on the 2031 Notes begins July 15, 2026; interest on the 2035 Notes begins June 4, 2026, paid semi-annually.

What will SPGI use the proceeds from the $1.0 billion offering for?

Net proceeds are for general corporate purposes, including possible acquisitions, refinancing, capex, working capital, or stock repurchases.

Are SPGI's 2031 and 2035 notes secured or guaranteed?

The Notes are unsecured and unsubordinated obligations of S&P Global and are guaranteed by Standard & Poor's Financial Services LLC.