By Andrea Heisinger
New York, April 27 - Express Scripts, Inc. sold $1.5 billion of 3.125% five-year senior notes on Wednesday to yield 118 basis points over Treasuries, a source who worked on the sale said.
Price talk was in the range of 120 bps to 125 bps and later priced tighter than that range.
The notes (Baa3/BBB/BBB) priced at 99.597 to yield 3.212%.
There is a make-whole call of Treasuries plus 20 bps and a change-of-control put at 101%.
Bookrunners were Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC and RBS Securities Inc.
Co-managers were Credit Agricole Securities, Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Mitsubishi UFJ Securities International plc, Morgan Stanley & Co., Inc., SunTrust Robinson Humphrey Inc. and Wells Fargo Securities LLC.
Proceeds are being used to repurchase common stock and for general corporate purposes.
The notes are guaranteed by domestic subsidiaries.
The pharmacy benefit management company is based in St. Louis.
| Issuer: | Express Scripts, Inc.
|
| Guarantors: | Domestic subsidiaries
|
| Issue: | Senior notes
|
| Amount: | $1.5 billion
|
| Maturity: | May 15, 2016
|
| Bookrunners: | Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, RBS Securities Inc.
|
| Co-managers: | Credit Agricole Securities, Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Mitsubishi UFJ Securities International plc, Morgan Stanley & Co., Inc., SunTrust Robinson Humphrey Inc., Wells Fargo Securities LLC
|
| Coupon: | 3.125%
|
| Price: | 99.597
|
| Yield: | 3.212%
|
| Spread: | Treasuries plus 118 bps
|
| Call: | Make-whole at Treasuries plus 20 bps
|
| Change-of-control put: | 101%
|
| Trade date: | April 27
|
| Settlement date: | May 2
|
| Ratings: | Moody's: Baa3
|
| Standard & Poor's: BBB
|
| Fitch: BBB
|
| Price talk: | 120 to 125 bps
|
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