S&P's Mobility Unit Is Selling $2 Billion In Bonds Ahead Of Its Spinoff

Most companies pile on debt because they have to. Mobility Global is doing it before it even exists as a standalone public company.

S&P Global said Monday that its Mobility division, which includes the auto-data business CARFAX, is selling $2 billion in bonds ahead of its planned spinoff later this year. The cash is going right back to the parent.

The Three-Tranche Bond Sale

The offering is split across senior notes due 2029, 2031, and 2036, with Mobility Global also lining up a $500 million senior unsecured revolving credit facility for added flexibility.

The proceeds are technically going to S&P Global as consideration for the assets, liabilities, and businesses moving over to the new company. In practice, that means the new public Mobility Global will start life with this debt already on its balance sheet.

The setup: Issuing bonds before a spinoff is a fairly standard play because it lets the new company arrive on day one with a known capital structure, which makes pricing the equity easier when it lists.

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What Mobility Global Actually Looks Like

At its May 12, 2026 Investor Day, Mobility Global CFO-designate Matt Calderone laid out a business doing roughly $1.75 billion in yearly revenue, with adjusted EBITDA margins near 40% and more than 80% of revenue coming from subscriptions.

In plain English: high-margin recurring revenue with stable cash flow. That's the kind of profile bond investors usually like, and it likely explains why S&P feels comfortable layering debt onto the entity before launch.

Mobility Global's portfolio includes CARFAX, Polk, automotiveMastermind, and Market Scan, with CARFAX being the most consumer-recognizable name thanks to the vehicle-history reports that show up when you shop for a used car.

Why S&P Is Splitting Up

The spinoff cleans up S&P Global's portfolio and lets the parent stay focused on its core ratings and financial-data business, which is more recession-resistant than auto-cycle exposure.

For investors in Mobility Global, the trade-off is the chance to own a more pure-play subscription business with a different growth profile than the larger S&P holding company.

What To Watch

Pricing on the three-tranche notes offering will be the first signal of how bond investors view a standalone Mobility Global, and how much premium they want over equivalent S&P Global debt.

S&P expects to wrap up the separation by mid-2026, after which Mobility Global will trade on its own ticker.

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