By Cristal Cody
Chicago, March 5 – Nissan Motor Acceptance Corp. sold $2 billion of notes in four parts (BBB-), according to a market source.
The company sold one floating-rate tranche sized at $300 million due March 8, 2024 that priced with a coupon rate of 64 basis points over Libor.
In the fixed-rate notes, Nissan priced $300 million of 1.05% notes due March 8, 2024 with a spread of Treasuries plus 75 bps. The notes were expected to price in the Treasuries plus 100 bps area.
The middle fixed-rate tranche, the $800 million of 2% notes due March 9, 2026, priced with a spread of Treasuries plus 125 bps. Price talk had the notes in the Treasuries plus 150 bps area.
And, the longest-dated tranche, the $600 million of 2.75% notes due March 9, 2028, priced with a spread of 155 bps over Treasuries. Talk had been in the 180 bps area.
As reported earlier, the offer was being sold through bookrunners BofA Securities Inc., Mizuho Securities USA Inc., SG Americas Securities LLC, U.S. Bancorp Investments Inc. and Wells Fargo Securities LLC.
Nissan is a Japanese automobile manufacturer based in Takashima Nishi-ku, Yokohama. The issuer is the provider of financial services for Nissan in North America.
| Issuer: | Nissan Motor Acceptance Corp.
|
| Amount: | $2 billion
|
| Issue: | Notes
|
| Bookrunners: | BofA Securities Inc., Mizuho Securities USA Inc., SG Americas Securities LLC, U.S. Bancorp Investments Inc. and Wells Fargo Securities LLC
|
| Pricing date: | March 4
|
| Ratings: | S&P: BBB-
|
|
|
| Floating-rate notes
|
| Amount: | $300 million
|
| Issue: | Floating-rate notes
|
| Maturity: | March 8, 2024
|
| Coupon: | Libor plus 64 bps
|
|
|
| 2024 fixed-rate notes
|
| Amount: | $300 million
|
| Issue: | Notes
|
| Maturity: | March 8, 2024
|
| Coupon: | 1.05%
|
| Spread: | Treasuries plus 75 bps
|
| Price talk: | Treasuries plus 100 bps
|
|
|
| 2026 notes
|
| Amount: | $800 million
|
| Issue: | Notes
|
| Maturity: | March 9, 2026
|
| Coupon: | 2%
|
| Spread: | Treasuries plus 125 bps
|
| Price talk: | Treasuries plus 150 bps
|
|
|
| 2028 notes
|
| Amount: | $600 million
|
| Issue: | Notes
|
| Maturity: | March 9, 2028
|
| Coupon: | 2.75%
|
| Spread: | Treasuries plus 155 bps
|
| Price talk: | Treasuries plus 180 bps
|
|
|
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