By Cristal Cody
Tupelo, Miss., Dec. 7 – Alimentation Couche-Tard Inc. priced $900 million of senior notes (Baa2/BBB) in two tranches in a Rule 144A and Regulation S private sale on Thursday, according to a market source and a press release.
The company sold $300 million of floating-rate notes due Dec. 13, 2019 at Libor plus 50 basis points, on the tight side of talk in the Libor plus 55 bps area.
The company also priced $600 million of 2.35% two-year notes at a spread of Treasuries plus 55 bps. The notes were talked to price in the Treasuries plus 60 bps area.
HSBC Securities (USA) Inc., RBC Capital Markets, LLC and Wells Fargo Securities, LLC were the bookrunners.
The notes will be guaranteed by certain wholly owned subsidiaries that are guarantors under Couche-Tard’s senior credit facilities.
The Quebec-based convenience store operator intends to use the proceeds to repay debt under its senior credit facilities.
| Issuer: | Alimentation Couche-Tard Inc.
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| Guarantors: | Certain wholly owned subsidiaries that are guarantors under Couche-Tard’s senior credit facilities
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| Amount: | $900 million
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| Description: | Senior notes
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| Bookrunners: | HSBC Securities (USA) Inc., RBC Capital Markets, LLC and Wells Fargo Securities, LLC
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| Trade date: | Dec. 7
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| Settlement date: | Dec. 14
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| Ratings: | Moody’s: Baa2
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| S&P: BBB
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| Distribution: | Rule 144A, Regulation S private
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|
|
| Two-year floaters
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| Amount: | $300 million
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| Maturity: | Dec. 13, 2019
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| Coupon: | Libor plus 50 bps
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| Price guidance: | Libor plus 55 bps area
|
|
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| Two-year notes
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| Amount: | $600 million
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| Maturity: | Dec. 13, 2019
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| Coupon: | 2.35%
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| Spread: | Treasuries plus 55 bps
|
| Price guidance: | Treasuries plus 60 bps area
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