By Andrea Heisinger
New York, Nov. 30 - Incitec Pivot Finance priced $500 million of 4% five-year notes early on Tuesday to yield Treasuries plus 275 basis points, a source close to the deal said.
The bonds are guaranteed by parent company Incitec Pivot Ltd.
The sale went overnight after being announced on Monday. The size was expected to be between $350 million and $500 million, depending on interest from investors in Europe and Asia, a source said. The notes were priced in line with guidance in the 275 bps area.
The notes (Baa3/BBB/BBB) were sold at 99.2 to yield 4.179%. They were priced under Rule 144A.
The issue has a make-whole call at 45 bps over Treasuries.
Bookrunners were Bank of America Merrill Lynch, Citigroup Global Markets Inc. and RBS Securities Inc.
The company last sold bonds in an $800 million issue of 6% 10-year notes on Dec. 3, 2009. This is Incitec's only outstanding paper.
The industrial and agricultural chemical manufacturer is based in Melbourne, Australia.
| Issuer: | Incitec Pivot Finance
|
| Guarantor: | Incitec Pivot Ltd.
|
| Issue: | Notes
|
| Amount: | $500 million
|
| Maturity: | Dec. 7, 2015
|
| Bookrunners: | Bank of America Merrill Lynch, Citigroup Global Markets Inc, RBS Securities Inc.
|
| Coupon: | 4%
|
| Price: | 99.2
|
| Yield: | 4.179%
|
| Spread: | Treasuries plus 275 bps
|
| Call: | Make-whole at Treasuries plus 45 bps
|
| Distribution: | Rule 144A
|
| Trade date: | Nov. 30
|
| Settlement date: | Dec. 7
|
| Ratings: | Moody's: Baa3
|
| Standard & Poor's: BBB
|
| Fitch: BBB
|
| Price talk: | 275 bps area
|
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