By Andrea Heisinger
New York, Sept. 24 - American Honda Finance Corp. priced $1.25 billion of Rule 144A notes (Aa3/A+/) in two tranches Wednesday, market sources said.
The $550 million of 6.7% five-year notes priced at 99.904 to yield 6.723%, equivalent at pricing to Treasuries plus 387.5 basis points.
The $700 million of 7.625% 10-year notes priced at par, or Treasuries plus 387.5 bps.
Bookrunners were Banc of America Securities LLC, Deutsche Bank Securities Inc. and J.P. Morgan Securities Inc.
The financing arm of car company Honda is based in Torrance, Calif.
| Issuer: | American Honda Finance Corp.
|
| Issue: | Notes
|
| Total amount: | $1.25 billion
|
| Bookrunners: | Banc of America Securities LLC, Deutsche Bank Securities Inc., J.P. Morgan Securities Inc.
|
| Trade date: | Sept. 24
|
| Settlement date: | Oct. 1
|
| Distribution: | Rule 144A
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: A+
|
|
|
| Five-year notes
|
| Amount: | $550 million
|
| Maturity: | Oct. 1, 2013
|
| Coupon: | 6.7%
|
| Price: | 99.904
|
| Yield: | 6.723%
|
| Spread: | Treasuries plus 387.5 bps
|
|
|
| 10-year notes
|
| Amount: | $700 million
|
| Maturity: | Oct. 1, 2018
|
| Coupon: | 7.625%
|
| Price: | Par
|
| Yield: | 7.625%
|
| Spread: | Treasuries plus 387.5 bps
|
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