New Issue: International Flavors sells $300 million 3.2% 10-year notes at 137.5 bps spread

By Andrea Heisinger

New York, April 1 - International Flavors & Fragrances Inc. priced $300 million of 3.2% 10-year senior notes (Baa1/BBB/) on Monday at 137.5 basis points over Treasuries, according to an FWP filing with the Securities and Exchange Commission.

Pricing was at 99.912 to yield 3.21%. There is a make-whole call at Treasuries plus 25 bps to Feb. 1, 2023 and a par call after that date.

The notes feature a change-of-control put at 101%.

Morgan Stanley & Co. LLC and J.P. Morgan Securities LLC were the bookrunners.

Proceeds will be used for general corporate purposes, including working capital.

The maker of flavor and fragrances for food and consumer products is based in New York City.

Issuer:	International Flavors & Fragrances Inc.
Issue:	Senior notes
Amount:	$300 million
Maturity:	May 1, 2023
Bookrunners:	Morgan Stanley & Co. LLC, J.P. Morgan Securities LLC
Senior co-managers:	Citigroup Global Markets Inc., BNP Paribas Securities Corp.
Co-managers:	Mitsubishi UFJ Securities (USA) Inc., RBS Securities Inc., U.S. Bancorp Investments Inc., Santander Investment Securities Inc., HSBC Securities (USA) Inc., ING Financial Markets LLC, Wells Fargo Securities LLC
Coupon:	3.2%
Price:	99.912
Yield:	3.21%
Spread:	Treasuries plus 137.5 bps
Call:	Make-whole at Treasuries plus 25 bps to Feb. 1, 2023, par after
Change-of-control put:	101%
Trade date:	April 1
Settlement date:	April 4
Ratings:	Moody's: Baa1
	Standard & Poor's: BBB

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