By Andrea Heisinger
New York, Jan. 19 - Amphenol Corp. priced an upsized $500 million of 4% 10-year senior notes on Thursday to yield Treasuries plus 200 basis points, a market source said.
The deal size was increased from $350 million, the source said.
The notes (Baa2/BBB/) were sold at 99.746 to yield 4.031%.
The securities are callable at a make-whole of Treasuries plus 30 bps and feature a change-of-control put at 101% if the company's credit ratings fall to below investment grade.
Barclays Capital Inc., Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC ran the books.
Proceeds are being used to repay amounts under a revolving credit facility.
The designer, manufacturer and marketer of electric, electronic and fiber optic components is based in Wallingford, Conn.
| Issuer: | Amphenol Corp.
|
| Issue: | Senior notes
|
| Amount: | $500 million, upsized from $350 million
|
| Maturity: | Feb. 1, 2022
|
| Bookrunners: | Barclays Capital Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC
|
| Coupon: | 4%
|
| Price: | 99.746
|
| Yield: | 4.031%
|
| Spread: | Treasuries plus 200 bps
|
| Call: | Make-whole at Treasuries plus 30 bps
|
| Change-of-control put: | 101% if ratings drop below investment grade
|
| Distribution: | Off shelf
|
| Trade date: | Jan. 19
|
| Settlement date: | Jan. 26
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB
|
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