By Andrea Heisinger
New York, March 23 - Illinois Tool Works Inc. priced $1.5 billion notes (A1/A+/) in two tranches Monday, syndicate sources said.
The $800 million of 5.15% five-year notes priced at 99.92 to yield 5.168%, or Treasuries plus 350 basis points.
The $700 million of 6.25% 10-year notes priced at 99.984 to yield 6.252%, or Treasuries plus 360 bps.
The notes were sold via Rule 144A.
Bookrunners were Banc of America Securities LLC and HSBC Securities.
The diversified manufacturer is based in Glenview, Ill.
| Issuer: | Illinois Tool Works Inc.
|
| Issue: | Notes
|
| Total amount: | $1.5 billion
|
| Bookrunners: | Banc of America Securities LLC, HSBC Securities
|
| Distribution: | Rule 144A
|
| Trade date: | March 23
|
| Settlement date: | March 26
|
| Ratings: | Moody's: A1
|
| Standard & Poor's: A+
|
|
|
| Five-year notes
|
| Amount: | $800 million
|
| Maturity: | April 1, 2014
|
| Coupon: | 5.15%
|
| Price: | 99.92
|
| Yield: | 5.168%
|
| Spread: | Treasuries plus 350 bps
|
|
|
| 10-year notes
|
| Amount: | $700 million
|
| Maturity: | April 1, 2019
|
| Coupon: | 6.25%
|
| Price: | 99.984
|
| Yield: | 6.252%
|
| Spread: | Treasuries plus 360 bps
|
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