By Paul A. Harris
Portland, Ore., Sept. 14 – Delphi Powertrain priced an upsized $800 million issue of non-callable 5% eight-year senior notes (B1/BB/BB) at 99.5 to yield 5.077% on Thursday, according to a market source.
The issue size was increased from $750 million.
The yield printed toward the tight end of the 5% to 5¼% yield talk.
Joint global coordinator and joint bookrunner Barclays was the left lead for the deal. Goldman Sachs & Co. was also a joint global coordinator and joint bookrunner. BofA Merrill Lynch, Citigroup Global Markets, Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC were also joint bookrunners.
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.
| Issuer: | Delphi Jersey Holdings plc
|
| Amount: | $800 million, increased from $750 million
|
| Maturity: | Oct. 1, 2025
|
| Securities: | Senior notes
|
| Global coordinator/left bookrunner: | Barclays
|
| Global coordinator/joint bookrunner: | Goldman Sachs
|
| Joint bookrunners: | BofA Merrill Lynch, Citigroup, Deutsche Bank, JPMorgan
|
| Co-managers: | BNP Paribas, Morgan Stanley, SMBC, SG, TD, UniCredit, US Bancorp
|
| Coupon: | 5%
|
| Price: | 99.5
|
| Yield: | 5.077%
|
| Call protection: | Non-callable
|
| Trade date: | Sept. 14
|
| Settlement date: | Sept. 28
|
| Ratings: | Moody's: B1
|
| S&P: BB
|
| Fitch: BB
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 5% to 5¼%
|
| Marketing: | Roadshow
|
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