Thomson Reuters Prices $2.3 Billion Dual-Currency Debt Offering

Thomson Reuters has priced a dual-currency debt offering totaling approximately $2.3 billion. Proceeds are earmarked for general corporate purposes, specifically the repayment of existing commercial paper obligations. The transaction includes both U.S. public notes and a Canadian private placement, and it is expected to close on September 17, 2026.

Breakdown of Debt Tranches

The financing package is split across two markets with varying maturity profiles and interest rates:

• U.S. Public Offering ($1.3 billion total):
• $800 million in 5.1% notes maturing in 2028.
• $500 million in 5.75% notes maturing in 2033.
• Canadian Private Placement (C$1 billion total):
• C$350 million in 4.13% notes due 2029.
• C$350 million in 4.48% notes due 2031.
• C$300 million in floating rate notes due 2029, priced at the Canadian Overnight Repo Rate Average (CORRA) plus 0.76%.

Regulatory and Market Context

The Canadian portion of the issuance is restricted to residents of Canadian provinces and will not be registered under the U.S. Securities Act of 1933. This distinction allows the firm to tap into regional liquidity pools while managing its currency exposure across its primary operating regions.

By utilizing a mix of fixed-rate and floating-rate instruments, the company is adjusting its debt structure to manage interest rate risk. The inclusion of floating-rate notes, which adjust based on the CORRA benchmark, provides the company with a hedge against potential shifts in Canadian monetary policy compared to the fixed-rate tranches.

Strategic Use of Proceeds

For institutional investors, the primary focus remains on the company's deleveraging strategy. The use of these proceeds to retire commercial paper, which are short-term debt instruments typically used for operational liquidity, suggests a move to shift short-term liabilities into longer-term, structured debt obligations. This transition provides more predictable cash flow management for the company as it navigates its ongoing capital allocation priorities.