By Sheri Kasprzak
New York, Sept. 13 - BorgWarner Inc. sold $250 million 4.625% 10-year senior notes at 98.991 to yield 200 basis points over Treasuries, according to a final term sheet filed Monday with the Securities and Exchange Commission.
The notes, which mature Sept. 15, 2020, were priced to yield 4.753%.
The notes feature a make-whole call at Treasuries plus 30 bps.
Morgan Stanley & Co. Inc. was the bookrunner for the offering.
Senior co-managers were Bank of America Merrill Lynch and Deutsche Bank Securities Inc. The co-managers were Citigroup Global Markets Inc., KeyBanc Capital Markets Inc., U.S. Bancorp Investments Inc. and Wells Fargo Securities LLC.
Proceeds from the notes (Baa1/BBB/BBB) will be used for general corporate purposes.
Based in Auburn Hills, Mich., BorgWarner manufactures automotive components, particularly those used in powertrain applications.
| Issuer: | BorgWarner Inc.
|
| Issue: | Senior notes
|
| Amount: | $250 million
|
| Maturity: | Sept. 15, 2020
|
| Bookrunner: | Morgan Stanley & Co. Inc.
|
| Senior co-managers: | Bank of America Merrill Lynch, Deutsche Bank Securities Inc.
|
| Co-managers: | Citigroup Global Markets Inc., KeyBanc Capital Markets Inc., U.S. Bancorp Investments Inc., Wells Fargo Securities LLC
|
| Coupon: | 4.625%
|
| Price: | 98.991
|
| Yield: | 4.753%
|
| Spread: | 200 bps over Treasuries
|
| Call: | Make-whole call at Treasuries plus 30 bps
|
| Pricing date: | Sept. 13
|
| Settlement date: | Sept. 16
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: BBB
|
| Fitch: BBB
|
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