Published on 2/14/2013 in the Prospect News Investment Grade Daily.
New Issue: Emerson Electric prices $500 million of 2.625% 10-year notes at Treasuries plus 70 bps
By Andrea Heisinger
New York, Feb. 14 - Emerson Electric Co. was in Thursday's market with a $500 million sale of 2.625% 10-year notes (A2/A/) priced to yield Treasuries plus 70 basis points, an informed source said.
Pricing was at 99.565 to yield 2.675%. There is a make-whole call at Treasuries plus 10 bps until Nov. 15, 2022, with a par call after that date.
Active bookrunners were Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC. Passives were Barclays and BNP Paribas Securities Corp.
Proceeds will be used for general corporate purposes including repayment of commercial paper borrowings.
Emerson was last in the U.S. bond market with a $600 million sale in two maturities on Nov. 10, 2009.
The engineering company is based in Ferguson, Mo.
Issuer: | Emerson Electric Co.
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Issue: | Notes
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Amount: | $500 million
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Maturity: | Feb. 15, 2023
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Bookrunners: | Citigroup Global Markets Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC (active), Barclays, BNP Paribas Securities Corp. (passive)
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Co-managers: | BofA Merrill Lynch, HSBC Securities (USA) Inc., Morgan Stanley & Co. LLC, RBC Capital Markets, LLC, Standard Chartered Bank
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Coupon: | 2.625%
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Price: | 99.565
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Yield: | 2.675%
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Spread: | Treasuries plus 70 bps
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Call: | Make-whole at Treasuries plus 10 bps to Nov. 15, 2022, par call after
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Trade date: | Feb. 14
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Settlement date: | Feb. 20
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Ratings: | Moody's: A2
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| Standard & Poor's: A
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