Delphi Powertrain talks $750 million eight-year bullet at 5%-5¼%; pricing Thursday

By Paul A. Harris

Portland, Ore., Sept. 13 – Delphi Powertrain talked its $750 million offering of non-callable eight-year senior notes (B1/BB/BB) to yield 5% to 5¼%, according to a market source.

Books close at 5 p.m. ET on Wednesday, except for accounts participating in the roadshow on Wednesday.

The Rule 144A and Regulation S for life offering is set to price on Thursday.

Joint global coordinator and joint bookrunner Barclays is the left lead for the deal. Goldman Sachs & Co. is also a joint global coordinator and joint bookrunner. BofA Merrill Lynch, Citigroup Global Markets, Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC are also joint bookrunners.

BNP Paribas, Morgan Stanley & Co., SMBC Nikko, SG CIB, TD Securities, UniCredit and U.S. Bancorp are co-managers.

Proceeds, together with a $750 million term loan, will be used to fund operating cash, pay taxes, fees and expenses related to Delphi Automotive plc's spinoff of its Powertrain Systems segment, and distribute a dividend to Delphi Automotive.

Delphi Powertrain is a Gillingham, England-based provider of integrated powertrain technologies and components for automobile and commercial vehicle manufacturers.

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