By Paul A. Harris
Portland, Ore., Feb. 2 - Ford Motor Credit Co LLC priced a $1.25 billion issue of 10-year senior notes (Ba2/BB-/) at par to yield 5¾% on Wednesday, according to market sources.
The deal, which was priced on the investment-grade syndicate desks, launched with the final size at 5¾% earlier in the session.
Bank of America Merrill Lynch, Deutsche Bank Securities Inc., J.P. Morgan Securities LLC and Morgan Stanley & Co. Inc. were the joint bookrunners.
Proceeds will be added to general funds for the purchase of receivables, loans and debt retirement.
The issuer is the financing arm of Dearborn, Mich.-based automaker Ford Motor Co.
| Issuer: | Ford Motor Credit Co LLC
|
| Amount: | $1.25 billion
|
| Maturity: | Feb. 1, 2021
|
| Securities: | Senior notes
|
| Bookrunners: | Bank of America Merrill Lynch, Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. Inc.
|
| Coupon: | 5¾%
|
| Price: | Par
|
| Yield: | 5¾%
|
| Spread: | 225.3 bps
|
| Call protection: | Non-callable
|
| Trade date: | Feb. 2
|
| Settlement date: | Feb. 7
|
| Ratings: | Moody's: Ba2
|
| Standard & Poor's: BB-
|
| Distribution: | SEC registered
|
| Launched: | $1.25 billion at 5¾%
|
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