By Andrea Heisinger
Omaha, Jan. 10 - Emerson Electric Co. priced an upsized $400 million of 5.25% 10-year notes Thursday to yield 145 basis points more than Treasuries, market sources said.
The issue was increased from a planned $300 million.
The notes (A2/A) priced at 99.740 to yield 5.283%. They have a make-whole redemption option at Treasuries plus 25 bps.
The notes feature a change-of-control put at 101%.
J.P. Morgan Securities Inc. was the bookrunner. Co-managers were Goldman Sachs & Co., UBS Securities LLC, BNP Paribas Securities Corp. and RBC Capital Markets Corp.
Proceeds will be used for general corporate purposes and to repay a portion of commercial paper.
The electric and electronics company is based in St. Louis.
| Issuer: | Emerson Electric Co.
|
| Issue: | Notes
|
| Amount: | $400 million, upsized from $300 million
|
| Maturity: | Oct. 15, 2018
|
| Bookrunner: | J.P. Morgan Securities Inc.
|
| Co-managers: | Goldman Sachs & Co., UBS Securities LLC, BNP Paribas Securities Corp. and RBC Capital Markets Corp
|
| Coupon: | 5.25%
|
| Price: | 99.740
|
| Yield: | 5.283%
|
| Spread: | Treasuries plus 145 bps
|
| Call: | Make-whole at Treasuries plus 25 bps
|
| Change-of-control put: | 101%
|
| Trade date: | Jan. 10
|
| Settlement date: | Jan. 15
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A
|
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