By Paul A. Harris
St. Louis, May 3 - FCE Bank, the U.K.-based financing arm of Ford Motor Co., priced €1 billion of 7 1/8% bonds due Jan. 15, 2013 (B1/B+/BB-) at a 287 basis points spread to mid-swaps on Thursday, according to market sources.
Price talk on the quick-to-market issue was lowered to mid-swaps plus 287 to 290 bps from 295 bps.
The bonds came at a dollar price of 99.386.
Barclays Capital, Deutsche Bank and Royal Bank of Scotland plc managed the Rule 144A and Regulation S sale.
Proceeds will be used for general corporate purposes.
| Issuer: | FCE Bank
|
| Amount: | €1 billion
|
| Maturity: | Jan. 15, 2013
|
| Security description: | Bonds
|
| Bookrunners: | Barclays Capital, Deutsche Bank, Royal Bank of Scotland plc
|
| Coupon: | 7 1/8%
|
| Issue price: | 99.386
|
| Spread to Bunds: | 307.5 bps
|
| Spread to mid-swaps: | 287 bps
|
| Trade date: | May 3
|
| Settlement date: | May 10
|
| Ratings: | Moody's: B1
|
| Standard & Poor's: B+
|
| Fitch: BB-
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | Mid-swaps plus 287-290 bps (lowered from 295 bps)
|
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