Maxim Integrated Products, Dime Community Bancshares price notes; primary action slows

By Cristal Cody

Tupelo, Miss., June 8 – Maxim Integrated Products, Inc. and Dime Community Bancshares Inc. tapped the high-grade primary market on Thursday, while HCA Inc. priced a $1.5 billion split-rated offering of 5˝% 30-year senior secured notes.

Maxim Integrated Products brought $500 million of 10-year senior notes.

Dime Community Bancshares sold $115 million of 10-year fixed-to-floating-rate subordinated notes.

Several deals remain in the pipeline, a market source said.

Investment-grade deal action slowed on Thursday with attention focused on former FBI director James Comey’s Senate testimony, as well as the European Central Bank’s monetary policy press conference and the United Kingdom’s general election.

In addition on Thursday, the U.S. House of Representatives voted to overturn parts of the Dodd-Frank Act, including the Volcker Rule, enacted as part of the 2008 financial crisis.

The Markit CDX North American Investment Grade index closed steady at a spread of 61 basis points.

Maxim prices $500 million

Maxim Integrated Products sold $500 million of 3.45% 10-year senior notes (Baa1/BBB+/) on Thursday at a spread of 125 bps over Treasuries, according to an FWP filing with the Securities and Exchange Commission.

The notes priced at 99.924 to yield 3.459%.

BofA Merrill Lynch was the bookrunning manager.

Proceeds from the deal will be used for general corporate purposes.

San Jose, Calif.-based Maxim Integrated Products designs, develops, manufactures and markets analog circuits.

Dime Bancshares sells notes

Dime Community Bancshares placed $115 million of 4.5% 10-year fixed-to-floating-rate subordinated notes (//BBB-) at par on Thursday, according to an FWP filing with the SEC.

The notes convert to a floating rate of Libor plus 266 bps beginning June 15, 2022 through maturity.

Sandler O’Neill + Partners, LP was the bookrunner.

Proceeds will be used to redeem $70.7 million of 7% series B trust preferred securities due April 14, 2034 and for general corporate purposes, including the payment of dividends and to fund strategic growth opportunities.

Dime Community Bancshares is a holding company for Brooklyn-based Dime Community Bank.

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