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PE-Backed Dun & Bradstreet Seeks Up to $1.4 Billion in U.S. IPO

Crystal Tse

(Bloomberg) -- Dun & Bradstreet Holdings Inc., one of Wall Street’s oldest data and analytics providers, is seeking to raise as much as $1.4 billion in a U.S. initial public offering.

The company, whose origins can be traced to 1841, said in a filing Wednesday that it plans to sell 65.75 million shares for $19 to $21 each.

Additionally, subsidiaries of Cannae Holdings Inc., Black Knight Inc. and veteran dealmaker Chinh Chu’s CC Capital Partners have committed to investing a combined $400 million in a concurrent share placement, according to the filing with the U.S. Securities and Exchange Commission.

At the top of the IPO range, the company would have a market value of $8.4 billion based on the the outstanding shares listed in the filing.

Dun & Bradstreet, based in Short Hills, New Jersey, said its database included comprehensive information on more than 360 million businesses as of March 31. Its 135,000 clients include about 90% of the Fortune 500, it said.

For the three months ended March 31, Dun & Bradstreet earned $41.5 million from continuing operations on revenue of $395 million, according to its filing.

The company said it plans to use the proceeds to repay a portion of its senior unsecured debt due 2027, redeem preferred stocks and fulfill an anti-dilution rights payment, as well as for general working capital.

An investor group led by CC Capital, Cannae and funds affiliated with Thomas H. Lee Partners acquired Dun & Bradstreet for $145 a share in a deal reached in 2018.

An investor consortium will control about 66% of the voting power after the IPO, according to the filing.

Bloomberg LP, the parent of Bloomberg News, competes with Dun & Bradstreet in providing financial information.

Goldman Sachs Group Inc. and Bank of America Corp. are leading the offering, along with JPMorgan Chase & Co. and Barclays Plc. Dun & Bradstreet plans to list its shares on the New York Stock Exchange under the symbol DNB.

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