By Paul A. Harris
St. Louis, July 28 - Ford Motor Credit Co. LLC priced a $1.25 billion issue of 6 5/8% seven-year fixed-rate notes (Ba3/B-/BB-) at 98.485 to yield 6.9% on Wednesday, according to an informed source.
The yield printed at the tight end of the 6.9% to 7% price talk.
Bank of America Merrill Lynch, BNP Paribas Securities Corp., Citigroup Global Markets Inc. and Goldman Sachs & Co. were the joint bookrunners for the quick-to-market deal.
Co-managers were HSBC Securities (USA) Inc., RBC Capital Markets Corp., RBS Securities Inc. and Wells Fargo Securities, LLC.
Proceeds will be used for general corporate purposes.
The issuer is the finance arm of Ford Motor Co.
| Issuer: | Ford Motor Credit Co. LLC
|
| Face amount: | $1.25 billion
|
| Proceeds: | $1.231 billion (approximate)
|
| Maturity: | Aug. 15, 2017
|
| Securities: | Fixed-rate notes
|
| Bookrunners: | Bank of America Merrill Lynch, BNP Paribas Securities Corp., Citigroup Global Markets Inc., Goldman Sachs & Co.
|
| Co-managers: | HSBC Securities (USA) Inc., RBC Capital Markets Corp., RBS Securities Inc., Wells Fargo Securities, LLC
|
| Coupon: | 6 5/8%
|
| Price: | 98.485
|
| Yield: | 6.9%
|
| Spread: | 449 bps
|
| Call protection: | Non-callable
|
| Trade date: | July 28
|
| Settlement date: | Aug. 4
|
| Ratings: | Moody's: Ba3
|
| Standard & Poor's: B-
|
| Fitch: BB-
|
| Distribution: | SEC registered
|
| Price talk: | 6.9% to 7%
|
| Marketing: | Quick-to-market
|
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