By Andrea Heisinger
New York, Sept. 8 - Goodrich Corp. sold an upsized $600 million offering of 3.6% notes due Feb. 1, 2021 on Wednesday to yield 100 basis points over Treasuries, a source who worked on the deal said.
The size was increased from $500 million, and the deal priced at the tight end of guidance in the range of 100 bps to 105 bps.
The notes (Baa2/BBB+/BBB+) priced at 99.788 to yield 3.625%.
The notes are callable at a make-whole amount of Treasuries plus 15 bps prior to three months before maturity and then are callable at par. The notes feature a change-of-control put of 101%.
Bookrunners were Bank of America Merrill Lynch, Citigroup Global Markets Inc., UBS Investment Bank and Wells Fargo Securities LLC.
Bank of New York Mellon, Credit Agricole Securities, Credit Suisse Securities, Deutsche Bank Securities Inc., J.P. Morgan Securities Inc. and RBS Securities Inc. were the co-managers.
Proceeds will be used to fund the retirement of $257.46 million in outstanding 7.625% notes due 2012, to fund contributions to defined benefit pension plans in the United States, United Kingdom and Canada and for other general corporate purposes.
The aerospace and defense industries systems company is based in Charlotte, N.C.
| Issuer: | Goodrich Corp.
|
| Issue: | Senior unsecured notes
|
| Amount: | $600 million, increased from $500 million
|
| Maturity: | Feb. 1, 2021
|
| Bookrunners: | Bank of America Merrill Lynch, Citigroup Global Markets Inc., UBS Investment Bank, Wells Fargo Securities LLC
|
| Co-managers: | Bank of New York Mellon, Credit Agricole Securities, Credit Suisse Securities, Deutsche Bank Securities Inc., J.P. Morgan Securities Inc., RBS Securities Inc.
|
| Coupon: | 3.6%
|
| Price: | 99.788
|
| Yield: | 3.625%
|
| Spread: | Treasuries plus 100 bps
|
| Call: | Make-whole at Treasuries plus 15 bps before three months prior to maturity, then at par
|
| Change-of-control put: | 101%
|
| Trade date: | Sept. 8
|
| Settlement date: | Sept. 13
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB+
|
| Fitch: BBB+
|
| Price talk: | 100 bps to 105 bps
|
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