By Andrea Heisinger
New York, Jan. 7 - Daimler Finance North America LLC was in Monday's market with a $3 billion sale of notes (A3/A-/A-) in three tranches, an informed source told Prospect News.
The trade included $750 million of two-year floating-rate notes priced at par to yield Libor plus 60 basis points.
A $1.25 billion tranche of 1.25% three-year notes priced at 99.877 to yield 1.292% with a spread of Treasuries plus 90 bps. There is a make-whole call at Treasuries plus 15 bps.
Finally, there was $1 billion of 1.875% five-year notes sold at 99.583 to yield 1.963% with a spread of 115 bps over Treasuries. The tranche carries a make-whole call at 20 bps over Treasuries.
The sale was priced under Rule 144A and Regulation S.
Bookrunners were Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Mizuho Securities USA Inc. and RBS Securities Inc.
Daimler Finance was last in the U.S. bond market with a $2.25 billion sale of notes in two tranches priced on July 25, 2012. The offering included 1.3% three-year notes priced at Treasuries plus 108 bps.
The financing unit of Daimler AG is based in Stuttgart, Germany.
| Issuer: | Daimler Finance North America LLC
|
| Issue: | Notes
|
| Amount: | $3 billion
|
| Bookrunners: | Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Mizuho Securities USA Inc., RBS Securities Inc.
|
| Distribution: | Rule 144A, Regulation S
|
| Trade date: | Jan. 7
|
| Settlement date: | Jan. 11
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: A-
|
| Fitch: A-
|
|
|
| Two-year floaters
|
| Amount: | $750 million
|
| Maturity: | Jan. 9, 2015
|
| Coupon: | Libor plus 60 bps
|
| Price: | Par
|
| Yield: | Libor plus 60 bps
|
| Call: | Non-callable
|
|
|
| Three-year notes
|
| Amount: | $1.25 billion
|
| Maturity: | Jan. 11, 2016
|
| Coupon: | 1.25%
|
| Price: | 99.877
|
| Yield: | 1.292%
|
| Spread: | Treasuries plus 90 bps
|
| Call: | Make-whole at Treasuries plus 15 bps
|
|
|
| Five-year notes
|
| Amount: | $1 billion
|
| Maturity: | Jan. 11, 2018
|
| Coupon: | 1.875%
|
| Price: | 99.583
|
| Yield: | 1.963%
|
| Spread: | Treasuries plus 115 bps
|
| Call: | Make-whole at Treasuries plus 20 bps
|
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