By Andrea Heisinger
New York, Sept. 24 - Agrium Inc. sold $500 million of 3.15% 10-year debentures on Monday at a spread of Treasuries plus 145 basis points, a source away from the trade said.
The notes (Baa2/BBB/BBB+) were priced at 99.804 to yield 3.173%.
There notes feature a make-whole call at Treasuries plus 25 bps until July 1, 2022, with a par call after that date. There is also a change-of-control put at 101%.
Bank of America Merrill Lynch, RBC Capital Markets LLC and Scotia Capital USA Inc. were the bookrunners.
Proceeds will be used to fund capital expenditures and for general corporate purposes.
The retailer of agricultural products is based in Calgary, Alta.
| Issuer: | Agrium Inc.
|
| Issue: | Senior debentures
|
| Amount: | $500 million
|
| Maturity: | Oct. 1, 2022
|
| Bookrunners: | Bank of America Merrill Lynch, RBC Capital Markets LLC, Scotia Capital USA Inc.
|
| Co-managers: | ANZ Securities Inc., BMO Capital Markets Corp., BNP Paribas Securities Corp., RBS Securities Inc., UBS Securities LLC
|
| Coupon: | 3.15%
|
| Price: | 99.804
|
| Yield: | 3.173%
|
| Spread: | Treasuries plus 145 bps
|
| Call: | Make-whole at Treasuries plus 25 bps to July 1, 2022, par call after
|
| Change-of-control put: | 101%
|
| Trade date: | Sept. 24
|
| Settlement date: | Oct. 1
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB
|
| Fitch: BBB+
|
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