Published on 5/15/2017 in the Prospect News Investment Grade Daily.
New Issue: International Flavors prices $500 million 4.375% 30-year notes at 137.5 bps spread
By Cristal Cody
Tupelo, Miss., May 15 – International Flavors & Fragrances Inc. sold $500 million of 4.375% 30-year senior notes (Baa1/BBB+) on Monday at 99.65 to yield 4.396% and a spread of Treasuries plus 137.5 basis points, according to a market source and an FWP filed with the Securities and Exchange Commission.
The notes priced on the tight side of guidance in the Treasuries plus 140 bps area, plus or minus 2.5 bps.
Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and BNP Paribas Securities Corp. were the bookrunners.
Proceeds will be used to repay at maturity the company’s $250 million 6.25% series A senior notes due Sept. 27, 2017, to repay borrowings under its revolving credit facility, to repay debt under its commercial paper program and for general corporate purposes.
The maker of flavor and fragrances for food and consumer products is based in New York.
Issuer: | International Flavors & Fragrances Inc.
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Amount: | $500 million
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Description: | Senior notes
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Maturity: | June 1, 2047
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Bookrunners: | Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and BNP Paribas Securities Corp.
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Co-managers: | Citizens Capital Markets, Inc., ING Financial Markets LLC, U.S. Bancorp Investments, Inc., Wells Fargo Securities, LLC, HSBC Securities (USA) Inc. and Standard Chartered Bank
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Coupon: | 4.375%
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Price: | 99.65
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Yield: | 4.396%
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Spread: | Treasuries plus 137.5 bps
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Call features: | Make-whole call before Dec. 1, 2046 at greater of par and Treasuries plus 25 bps; thereafter at par
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Trade date: | May 15
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Settlement date: | May 18
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Ratings: | Moody’s: Baa1
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| S&P: BBB+
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Distribution: | SEC registered
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Price guidance: | Treasuries plus 140 bps area, plus or minus 2.5 bps
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