Published on 8/21/2012 in the Prospect News Investment Grade Daily.
New Issue: Illinois Tool Works sells $1.1 billion 3.9% 30-year notes at 105 bps over Treasuries
By Sheri Kasprzak
New York, Aug. 21 - The Illinois Tool Works Inc. priced $1.1 billion of 3.9% 30-year notes at 99.038 to yield 3.955%, or 105 basis points over Treasuries, according to a term sheet.
The notes (A1/A+/) were sold through joint bookrunners Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Bank of America Merrill Lynch.
The co-managers were Goldman Sachs & Co., HSBC Securities (USA) Inc., Mizuho Securities USA Inc., SG Americas Securities LLC, Wells Fargo Securities LLC, Banca IMI SpA, Commerz Markets LLC, ING Financial Markets LLC, BMO Capital Markets LLC, Danske Bank A/S, Loop Capital Markets LLC, nabSecurities LLC, UBS Securities LLC and U.S. Bancorp Investments Inc.
The notes are callable any time before March 1, 2042 at Treasuries plus 15 bps and afterward at par plus interest.
Proceeds will be used to repay short-term debt and for other general corporate purposes.
Based in Glenview, Ill., Illinois Tool Works manufactures industrial products and equipment.
| Issuer: | Illinois Tool Works Inc.
|
| Issue: | Notes
|
| Amount: | $1.1 billion
|
| Bookrunners: | Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Bank of America Merrill Lynch
|
| Co-managers: | Goldman Sachs & Co., HSBC Securities (USA) Inc., Mizuho Securities USA Inc., SG Americas Securities LLC, Wells Fargo Securities LLC, Banca IMI SpA, Commerz Markets LLC, ING Financial Markets LLC, BMO Capital Markets LLC, Danske Bank A/S, Loop Capital Markets LLC, nabSecurities LLC, UBS Securities LLC, U.S. Bancorp Investments Inc.
|
| Maturity: | Sept. 1, 2042
|
| Coupon: | 3.9%
|
| Price: | 99.038
|
| Yield: | 3.955%
|
| Spread: | Treasuries plus 105 bps
|
| Call: | Make-whole at Treasuries plus 15 bps before March 1, 2042, and at par plus interest afterward
|
| Trade date: | Aug. 21
|
| Settlement date: | Aug. 28
|
| Ratings: | Moody's: A1
|
| Standard & Poor's: A+
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
