By Andrea Heisinger
New York, Sept. 9 - Agrium Inc. announced full terms for its $500 million issue of senior unsecured notes (Baa2/BBB/) due January 2019 on Tuesday, according to an FWP filing with the Securities and Exchange Commission.
Some details of the issuance were previously reported by Prospect News.
The $500 million of 6.75% senior unsecured notes priced at 99.982 to yield 6.754%, equivalent at pricing to Treasuries plus 310 basis points.
The notes have a make-whole redemption option of Treasuries plus 50 bps.
The notes priced in line with talk that was in the 310 bps area, a source said.
Bookrunners were Merrill Lynch, Pierce, Fenner & Smith Inc. and UBS Investment Bank.
Co-managers were RBC Capital Markets, BMO Capital, Scotia Capital, CIBC World Markets, TD Securities, BNP Paribas Securities and HSBC Securities.
Proceeds will be used to repay borrowings under acquisition bridge credit facilities.
The fertilizer company is based in Calgary, Alta.
| Issuer: | Agrium Inc.
|
| Issue: | Senior unsecured notes
|
| Amount: | $500 million
|
| Maturity: | Jan. 15, 2019
|
| Bookrunners: | Merrill Lynch, Pierce, Fenner & Smith, UBS Investment Bank
|
| Co-managers: | RBC Capital Markets, BMO Capital, Scotia Capital, CIBC World Markets, TD Securities, BNP Paribas Securities, HSBC Securities
|
| Coupon: | 6.75%
|
| Price: | 99.982
|
| Yield: | 6.754%
|
| Spread: | Treasuries plus 310 bps
|
| Call: | Make-whole at Treasuries plus 50 bps
|
| Trade date: | Sept. 8
|
| Settlement date: | Sept. 11
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB
|
| Price talk: | 310 bps area
|
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