Nuveen is teeing up its inaugural sterling bond and three separate dollar-denominated issues to support its buyout of UK money manager Schroders, according to people familiar with the plans. The firm spoke with investors Monday ahead of a five-year sterling offering and the dollar paper. A comment from Nuveen was not available at the time of publication.
Earlier this year, Nuveen, the investment manager and subsidiary of Teachers Insurance and Annuity Association of America, agreed to acquire Schroders for £9.9 billion, or $13.2 billion. The combined company would rank among the biggest active asset managers globally, overseeing nearly $2.5 trillion in total. Schroders will keep its brand, even as the deal ends more than 200 years of the UK firm's independence.
People familiar said the bond proceeds are earmarked for broad corporate uses, with part covering a portion of the cash consideration for the Schroders deal. At the time the transaction was announced, Nuveen also entered into a debt facility capped at £3.1 billion with BNP Paribas SA as part of the financing.
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BNP Paribas will serve as the global coordinator for the new bonds, while BofA Securities and J.P. Morgan are joint bookrunners.
Big asset managers tapping credit markets to bankroll acquisitions can change who runs your money and what they offer. If you use funds from either firm, keep an eye on communications around lineup tweaks or service shifts as the combination takes shape. The borrowing itself is standard for a deal this size, but it is a clear reminder: even household names lean on flexible financing when they go shopping.
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