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Morning Commentary: Quest Diagnostics to price $500 million of notes; issuance slows
By Devika Patel
Knoxville, Tenn., March 7 – Primary activity in the investment-grade bond market waned later in the week, with only one new deal announced on Thursday morning.
Madison, N.J.-based diagnostic testing company Quest Diagnostics Inc. said it will offer $500 million of senior notes due 2029.
Also, Bethesda, Md.-based lodging company Marriott International Inc. priced its previously announced $850 million of floating-rate series BB notes and fixed-rate series CC notes after the close on Wednesday.
Quest will conduct a $500 million offering of senior notes due 2029.
The notes will have a make-whole call until three months prior to maturity and then are callable at par.
Goldman Sachs & Co. LLC, Mizuho Securities USA Inc., Morgan Stanley & Co. LLC, J.P. Morgan Securities LLC and Wells Fargo Securities LLC are the bookrunners.
Proceeds will be used to repay debt, including the $300 million of the company’s senior notes due April 2019 and borrowings under its secured receivables credit facility, and for general corporate purposes.
Marriott priced $850 million of notes in two tranches after the close on Wednesday.
The company priced $300 million of two-year floating-rate series BB notes. These notes priced at par with a coupon of Libor plus 65 basis points.
Marriott also sold $550 million of 3.6% series CC notes due April 15, 2024 with a spread of Treasuries plus 120 bps. These notes priced at 99.516 to yield 3.704%.
Wells Fargo, Goldman Sachs, BofA Merrill Lynch, Deutsche Bank Securities Inc. and JPMorgan are the bookrunners.
Proceeds will be used for general corporate purposes.
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