By Andrea Heisinger
New York, July 13 - Agilent Technologies, Inc. sold $750 million of senior unsecured notes (Baa3/BBB-/BBB) in two tranches on Tuesday, an informed source said.
The $250 million of 2.5% three-year notes priced at 99.815 to yield 2.565%, or Treasuries plus 150 basis points. The tranche has a make-whole call at Treasuries plus 25 bps.
The tranche priced tighter than guidance in the 160 bps area, the source said.
A $500 million tranche of 5% 10-year notes sold at 99.535 to yield 5.06%, or Treasuries plus 195 bps. The tranche is callable at a make-whole amount of Treasuries plus 30 bps.
The 10-year notes priced at the tight end of talk in the 200 bps area.
The notes feature a change-of-control put of 101%.
Bank of America Merrill Lynch, Barclays Capital Inc. and Credit Suisse Securities were the bookrunners.
Senior co-managers were Citigroup Global Markets Inc. and Lloyds TSB Bank plc.
BNP Paribas Securities Corp., Williams Capital Group LP and Wells Fargo Securities LLC were the co-managers.
Proceeds will be used to satisfy financing obligations of subsidiary Agilent Technologies World Trade Inc. when they come due on Jan. 27, 2011.
The maker of electronic and bio-analytical measuring instruments is based in Santa Clara, Calif.
| Issuer: | Agilent Technologies, Inc.
|
| Issue: | Senior unsecured notes
|
| Amount: | $750 million
|
| Bookrunners: | Bank of America Merrill Lynch, Barclays Capital Inc., Credit Suisse Securities
|
| Senior co-managers: | Citigroup Global Markets Inc., Lloyds TSB Bank plc
|
| Co-managers: | BNP Paribas Securities Corp., Williams Capital Group LP, Wells Fargo Securities LLC
|
| Change-of-control put: | 101%
|
| Trade date: | July 13
|
| Settlement date: | July 20
|
| Ratings: | Moody's: Baa3
|
| Standard & Poor's: BBB-
|
| Fitch: BBB
|
|
|
| Three-year notes
|
| Amount: | $250 million
|
| Maturity: | July 15, 2013
|
| Coupon: | 2.5%
|
| Price: | 99.815
|
| Yield: | 2.565%
|
| Spread: | Treasuries plus 150 bps
|
| Call: | Make-whole at Treasuries plus 25 bps
|
| Price talk: | 160 bps area
|
|
|
| 10-year notes
|
| Amount: | $500 million
|
| Maturity: | July 15, 2020
|
| Coupon: | 5%
|
| Price: | 99.535
|
| Yield: | 5.06%
|
| Spread: | Treasuries plus 195 bps
|
| Call: | Make-whole at Treasuries plus 30 bps
|
| Price talk: | 200 bps area
|
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