TransUnion (TRU) IPO Opens Up 9%

Today's IPO for TransUnion (NYSE: TRU) opened for trading at $24.62 after pricing 29,545,455 shares of its common stock at $22.50 per share, the high end of the $21 to $23 per share range.

TransUnion has granted the underwriters a 30-day option to purchase up to an additional 4,431,818 shares at the initial public offering price.

Common stock to be outstanding immediately after this offering will be 177,787,920 shares, putting tentative valuation at $4 billion.

TransUnion will receive net proceeds of approximately $626.5 million after deducting underwriting discounts and commissions. TransUnion intends to use the net proceeds from the offering, together with borrowings under a new senior secured term loan and senior secured revolving line of credit, to 1) redeem $600 million in aggregate principal amount of the 9.625% Senior Notes due 2018, at a redemption price of 100% of their face value, and $400 million in aggregate principal amount of the 8.125% Senior Notes due 2018, at a redemption price of 102.031% of their face value , plus accrued and unpaid interest and 2) pay associated transaction costs.

Goldman, Sachs & Co., J.P. Morgan, BofA Merrill Lynch and Deutsche Bank Securities are acting as lead bookrunning managers for the offering. RBC Capital Markets, Wells Fargo Securities and Credit Suisse are acting as joint bookrunning managers for the offering. Evercore, Stifel, Drexel Hamilton, and Loop Capital Markets are acting as co-managers for the offering.

TransUnion is a leading global risk and information solutions provider to businesses and consumers. We provide consumer reports, risk scores, analytical services and decisioning capabilities to businesses. We provide solutions to consumers to view their credit profiles and access analytical tools that help them understand and manage their personal information and take precautions against identity theft.

Total revenues increased from $1,183.2 million for the year ended December 31, 2013 to $1,304.7 million for the year ended December 31, 2014, representing year-over-year growth of 10.3%. Net losses attributable to the Company decreased from $35.1 million for the year ended December 31, 2013 to $12.5 million for the year ended December 31, 2014. Adjusted EBITDA increased from $408.5 million for the year ended December 31, 2013 to $454.3 million for the year ended December 31, 2014, representing year-over-year growth of 11.2%. Total revenues increased from $303.4 million for the three months ended March 31, 2014 to $353.1 million for the three months ended March 31, 2015, representing year-over-year growth of 16.4% for the period. Net losses attributable to the Company decreased from $14.7 million for the three months ended March 31, 2014 to $6.6 million for the three months ended March 31, 2015. Adjusted EBITDA increased from $95.4 million for the three months ended March 31, 2014 to $114.9 million for the three months ended March 31, 2015, representing year-over-year growth of 20.3% for the period. As of March 31, 2015, the company had approximately $2,976.4 million of total indebtedness.

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