By Andrea Heisinger
New York, Sept. 9 - Agilent Technologies, Inc. sold an upsized $750 million of senior notes (/BBB-/BBB) in two tranches Wednesday, an informed source said.
A tranche of three-year notes was added to the original $500 million deal due to demand, the source said.
The $250 million of 4.45% three-year notes priced at 99.911 to yield 4.482%, or Treasuries plus 300 basis points. The tranche did not have official price talk but came in line with the 300 bps spread that went out to the market, the source said.
The $500 million of 5.5% six-year notes priced at 99.687 to yield 5.562%, or 320 bps over Treasuries. They were whispered at guidance of the mid-300 bps and priced well at the tight end of that, the source said.
The tranches have make-whole calls at Treasuries plus 50 bps and feature a change-of-control put of 101%.
Bookrunners were Barclays Capital Inc., Citigroup Global Markets Inc. and Credit Suisse Securities.
Co-managers were BNP Paribas Securities Corp., Goldman Sachs & Co., Standard Chartered Bank and Utendahl Capital Markets.
Proceeds will be used for general corporate purposes, possibly including the acquisition of Varian, Inc. for $1.5 billion in cash.
The diversified measurement company is based in Santa Clara, Calif.
| Issuer: | Agilent Technologies, Inc.
|
| Issue: | Senior notes
|
| Total amount: | $750 million, increased from $500 million
|
| Bookrunners: | Barclays Capital Inc., Citigroup Global Markets Inc., Credit Suisse Securities
|
| Co-managers: | BNP Paribas Securities Corp., Goldman Sachs & Co., Standard Chartered Bank, Utendahl Capital Markets
|
| Change-of-control put: | 101%
|
| Trade date: | Sept. 9
|
| Settlement date: | Sept. 14
|
| Ratings: | Moody's: NR
|
| Standard & Poor's: BBB-
|
| Fitch: BBB
|
|
|
| Three-year notes
|
| Amount: | $250 million
|
| Maturity: | Sept. 14, 2012
|
| Coupon: | 4.45%
|
| Price: | 99.911
|
| Yield: | 4.482%
|
| Spread: | Treasuries plus 300 bps
|
| Call: | Make-whole at Treasuries plus 50 bps
|
| Price talk: | 300 bps
|
|
|
| Six-year notes
|
| Amount: | $500 million
|
| Maturity: | Sept. 14, 2015
|
| Coupon: | 5.5%
|
| Price: | 99.687
|
| Yield: | 5.562%
|
| Spread: | Treasuries plus 320 bps
|
| Call: | Make-whole at Treasuries plus 50 bps
|
| Price talk: | Mid-300 bps
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
