By Wendy Van Sickle and Cristal Cody
Columbus, Ohio, April 2 – Amphenol Corp. priced $1.5 billion of senior notes (A3/BBB+/) in three parts on Tuesday, according to an FWP filing with the Securities and Exchange Commission.
The company priced $450 million of 5.05% senior notes due April 5, 2027 at 99.887 to yield 5.091% or a spread to Treasuries of 57 basis points.
Amphenol priced $450 million of 5.05% senior notes due April 5, 2029 at 99.9 to yield 5.073% or a spread to Treasuries of 72 bps.
Finally, Amphenol priced $600 million of 5.25% senior notes due April 5, 2034 at 99.9 to yield 5.263% or a spread to Treasuries of 90 bps.
The company held fixed-income investor calls on Monday, according to a source.
BofA Securities, Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC, TD Securities (USA) LLC, Barclays, HSBC Securities (USA) Inc. and Mizuho Securities USA LLC are the joint bookrunners.
Proceeds, together with a combination of cash on hand and other debt financing, will be used to pay the cash consideration for Amphenol’s acquisition of Carlisle Cos., Inc.’s business Carlisle Interconnect Technologies with any remaining proceeds used for general corporate purposes.
In addition, each series of the notes will be subject to a special mandatory redemption at 101 if the acquisition is not completed by the later of the outside date of Jan. 30, 2025, or five business days after any agreed-upon extension of the outside date.
The designer, manufacturer and marketer of electric, electronic and fiber optic components is based in Wallingford, Conn.
| Issuer: | Amphenol Corp.
|
| Issue: | Senior notes
|
| Amount: | $1.5 billion
|
| Joint bookrunners: | BofA Securities, Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC, TD Securities (USA) LLC, Barclays, HSBC Securities (USA) Inc. and Mizuho Securities USA LLC
|
| Co-managers: | BNP Paribas Securities Corp., Commerz Markets LLC, Goldman Sachs & Co. LLC, ING Financial Markets LLC, Loop Capital Markets LLC, Siebert Williams Shank & Co., LLC, Standard Chartered Bank and U.S. Bancorp Investments, Inc.
|
| Counsel to issuer: | Latham & Watkins LLP
|
| Counsel to underwriters: | Simpson Thacher & Bartlett LLP
|
| Trustee: | U.S. Bank Trust Co., NA
|
| Change-of-control put: | At 101
|
| Trade date: | April 2
|
| Settlement date: | April 5
|
| Ratings: | Moody’s: A3
|
| Standard & Poor’s: BBB+
|
| Distribution: | SEC-registered
|
|
|
| Three-year notes
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| Amount: | $450 million
|
| Maturity: | April 5, 2027
|
| Coupon: | 5.05%
|
| Price: | 99.887
|
| Yield: | 5.091%
|
| Spread: | Treasuries plus 57 bps
|
| Make-whole call: | Treasuries plus 10 bps prior to March 5, 2027, then callable at par
|
| Cusip: | 032095AN1
|
|
|
| Five-year notes
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| Amount: | $450 million
|
| Maturity: | April 5, 2029
|
| Coupon: | 5.05%
|
| Price: | 99.9
|
| Yield: | 5.073%
|
| Spread: | Treasuries plus 72 bps
|
| Make-whole call: | Treasuries plus 15 bps prior to March 5, 2029, then callable at par
|
| Cusip: | 032095AP6
|
|
|
| 10-year notes
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| Amount: | $600 million
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| Maturity: | April 5, 2034
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| Coupon: | 5.25%
|
| Price: | 99.9
|
| Yield: | 5.263%
|
| Spread: | Treasuries plus 90 bps
|
| Make-whole call: | Treasuries plus 15 bps prior to Jan. 5, 2034, then callable at par
|
| Cusip: | 032095AQ4
|
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