By Paul A. Harris
St. Louis, Nov. 19 - ABB International Finance Ltd. sold €650 million of senior notes due Nov. 30, 2011 (B1/BB-) at par Wednesday to yield 6½%, according to a syndicate source.
Price talk was for a yield of 6½%-6¾%.
Barclays Capital, Deutsche Bank Securities and HVB were bookrunners on the Regulation S deal.
ABB will use proceeds to strengthen its balance sheet.
The Zurich, Switzerland-headquartered issuer is a provider of power and automation technologies.
| Issuer: | ABB International Finance Ltd.
|
| Amount: | €650 million
|
| Maturity: | Nov. 30, 2011
|
| Security description: | Senior notes
|
| Bookrunners: | Barclays Capital, Deutsche Bank Securities, HVB
|
| Coupon: | 6½%
|
| Price: | Par
|
| Yield: | 6½%
|
| Spread: | 244 basis points
|
| Calls: | Non-callable
|
| Settlement date: | Nov. 24
|
| Ratings: | Moody's: B1
|
| Standard & Poor's: BB-
|
| Price talk: | 6½%-6¾%
|
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