By Rebecca Melvin
New York, May 3 – Chile’s Sociedad Quimica y Minera de Chile SA (SQM) priced $450 million 4¼% notes due 2029 (Baa1/BBB+) to yield U.S. Treasuries plus 170 basis points on Thursday, according to market sources.
The Rule 144A and Regulation S deal, which was expected to be $350 million to $450 million in size, was initially talked at a spread of 200 bps over Treasuries.
BofA Merrill Lynch, JPMorgan and Santander were the bookrunners for the offering.
The proceeds will be used for general corporate purposes, including funding business expansion and reducing debt.
SQM is a Santiago-based fertilizer and mining company.
| Issuer: | Sociedad Quimica y Minera de Chile SA (SQM)
|
| Amount: | $450 million
|
| Maturity: | 2029
|
| Description: | Notes
|
| Bookrunners: | BofA Merrill Lynch, JPMorgan and Santander
|
| Coupon: | 4¼%
|
| Spread: | Treasuries plus 170 bps
|
| Trade date: | May 2
|
| Ratings: | Moody’s: Baa1
|
| S&P: BBB+
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | Treasuries plus 200 bps
|
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