By Cristal Cody
Tupelo, Miss., March 3 - J.B. Hunt Transport Services, Inc. priced $500 million in two tranches of senior notes (Baa1/BBB+/), according to a FWP filing with the Securities and Exchange Commission on Monday.
The company sold $250 million of 2.4% five-year notes at 99.957 to yield 2.409%, or a spread of Treasuries plus 95 basis points.
In the second tranche, J.B. Hunt sold $250 million of 3.85% 10-year notes at 99.9 to yield 3.862%. The 10-year notes priced with a spread of Treasuries plus 125 bps.
J.P. Morgan Securities LLC, Goldman Sachs & Co. and Morgan Stanley & Co. LLC were the bookrunners.
The issues are fully and unconditionally guaranteed on a senior basis by J.B. Hunt Transport, Inc.
Proceeds will be used to repay outstanding debt and for general corporate purposes.
J.B. Hunt is a Lowell, Ark.-based full truckload transportation and delivery service company.
| Issuer: | J.B. Hunt Transport Services, Inc.
|
| Guarantor: | J.B. Hunt Transport, Inc.
|
| Amount: | $500 million
|
| Securities: | Senior notes
|
| Bookrunners: | J.P. Morgan Securities LLC, Goldman Sachs & Co., Morgan Stanley & Co. LLC
|
| Co-managers: | SunTrust Robinson Humphrey, Inc., U.S. Bancorp Investments, Inc.
|
| Pricing date: | March 3
|
| Settlement date: | March 6
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: BBB+
|
|
|
| Five-year notes
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| Amount: | $250 million
|
| Maturity: | March 15, 2019
|
| Coupon: | 2.4%
|
| Price: | 99.957
|
| Yield: | 2.409%
|
| Spread: | Treasuries plus 95 bps
|
| Make-whole call: | Treasuries plus 15 bps
|
|
|
| 10-year notes
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| Amount: | $250 million
|
| Maturity: | March 15, 2024
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| Coupon: | 3.85%
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| Price: | 99.9
|
| Yield: | 3.862%
|
| Spread: | Treasuries plus 125 bps
|
| Make-whole call: | Treasuries plus 20 bps; par plus accrued interest on and after Dec. 15, 2023
|
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