Maxim Integrated Products, Dime Community Bancshares price notes; primary action slows

By Cristal Cody

Tupelo, Miss., June 8 – Maxim Integrated Products, Inc. and Dime Community Bancshares Inc. tapped the high-grade primary market on Thursday, while HCA Inc. priced a $1.5 billion split-rated offering of 5½% 30-year senior secured notes.

Maxim Integrated Products sold $500 million of 3.45% 10-year senior notes (Baa1/BBB+/) on Thursday at a spread of 125 basis points over Treasuries, according to an FWP filing with the Securities and Exchange Commission.

The notes priced at 99.924 to yield 3.459%.

Dime Community Bancshares placed $115 million of 4.5% 10-year fixed-to-floating-rate subordinated notes (//BBB-) at par on Thursday, according to an FWP filing with the SEC.

The notes convert to a floating rate of Libor plus 266 bps beginning June 15, 2022 through maturity.

Several deals remain in the pipeline, a market source said.

Investment-grade deal action slowed on Thursday with attention focused on former FBI director James Comey’s Senate testimony, as well as the European Central Bank’s monetary policy press conference and the United Kingdom’s general election.

In addition on Thursday, the U.S. House of Representatives voted to overturn parts of the Dodd-Frank Act, including the Volcker Rule, enacted as part of the 2008 financial crisis.

The Markit CDX North American Investment Grade index closed steady at a spread of 61 bps.

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