Vontier plans to price split-rated senior notes in three tranches; price talk emerges

By Rebecca Melvin and Paul A. Harris

New York, March 3 – Vontier Corp. plans to price an offering of senior notes in three parts (Ba1/BBB-/BBB-), according to a market source and a company news release on Wednesday.

The benchmark-sized deal is expected to include five-year notes, talked with a spread in the 115 basis points area. Also, a seven-year tranche is planned with spread talk in the 135 bps area. And, a longer-dated tranche of 10-year notes is expected with spread talk in the 155 bps area.

The proceeds of the Rule 144A and Regulation S notes are expected to be used to repay debt, including amounts outstanding under its term loans. Remaining proceeds will be used for working capital and other general corporate purposes, including capital expenditures, potential acquisitions or strategic transactions.

The industrial technology company is based in Raleigh, N.C.

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