By Cristal Cody
Tupelo, Miss., Feb. 6 – Hyundai Capital America (Baa1/BBB+) priced $2 billion of notes in three tranches on Wednesday, according to a market source.
The company sold $1 billion of 2.375% three-year notes at a spread of 95 basis points over Treasuries.
Initial price talk was in the Treasuries plus 120 bps to 125 bps area.
A $500 million tranche of 2.65% five-year notes, initially talked to print in the 145 bps to 150 bps spread area, priced with a 122.5 bps over Treasuries spread.
Finally, Hyundai Capital sold $500 million of 3% seven-year notes at a Treasuries plus 147.5 bps spread.
Initial price talk was at a 165 bps to 170 bps area spread.
HSBC Securities (USA) Inc., J.P. Morgan Securities LLC, Lloyds Securities Inc., MUFG, SMBC Nikko Securities America, Inc. and TD Securities (USA) LLC were the bookrunners.
Hyundai Capital America is an Irvine, Calif.-based auto financing arm of the Hyundai Motor Co.
| Issuer: | Hyundai Capital America
|
| Amount: | $2 billion
|
| Description: | Notes
|
| Bookrunners: | HSBC Securities (USA) Inc., J.P. Morgan Securities LLC, Lloyds Securities Inc., MUFG, SMBC Nikko Securities America, Inc. and TD Securities (USA) LLC
|
| Trade date: | Feb. 5
|
| Ratings: | Moody’s: Baa1
|
| S&P: BBB+
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Three-year notes
|
| Amount: | $1 billion
|
| Maturity: | Feb. 10, 2023
|
| Coupon: | 2.375%
|
| Spread: | Treasuries plus 95 bps
|
| Price guidance: | Treasuries plus 120 bps-125 bps area
|
|
|
| Five-year notes
|
| Amount: | $500 million
|
| Maturity: | Feb. 10, 2025
|
| Coupon: | 2.65%
|
| Spread: | Treasuries plus 122.5 bps
|
| Price guidance: | Treasuries plus 145 bps-150 bps area
|
|
|
| Seven-year notes
|
| Amount: | $500 million
|
| Maturity: | Feb. 10, 2027
|
| Coupon: | 3%
|
| Spread: | Treasuries plus 147.5 bps
|
| Price guidance: | Treasuries plus 165 bps-170 bps area
|
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