Published on 9/9/2014 in the Prospect News Investment Grade Daily.
New Issue: Amphenol prices upsized $750 million notes in tranches due 2017, 2021
By Aleesia Forni
Virginia Beach, Sept. 9 – Amphenol Corp. priced an upsized $750 million issue of senior notes (Baa1/BBB+/) in two tranches on Tuesday, according to a market source and a FWP filed with the Securities and Exchange Commission.
There was $375 million of 1.55% three-year notes sold at 99.898 to yield 1.585%, or Treasuries plus 55 basis points.
A second tranche was $375 million of 3.125% notes due 2021 sold with a spread of Treasuries plus 95 bps.
The notes sold at 99.912 to yield 3.139%.
Proceeds will be used to repay the company’s $600 million of 4.75% senior notes due November 15, 2014, for general corporate purposes and to repay amounts outstanding under its credit facilities.
J.P. Morgan Securities LLC, MUFG, TD Securities (USA) LLC and Santander Investment Securities Inc. were the bookrunners.
The designer, manufacturer and marketer of electric, electronic and fiber optic components is based in Wallingford, Conn.
| Issuer: | Amphenol Corp.
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| Issue: | Senior notes
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| Amount: | $750 million, upsized from $500 million
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| Joint bookrunners: | J.P. Morgan Securities LLC, MUFG, TD Securities (USA) LLC, Santander Investment Securities Inc.
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| Co-managers: | Citigroup Global Markets Inc., Credit Agricole Securities (USA) Inc., Mizuho Securities USA Inc., SMBC Nikko Securities America, Inc., U.S. Bancorp Investments, Inc.
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| Trade date: | Sept. 9
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| Settlement date: | Sept. 12
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| Ratings: | Moody’s: Baa1
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| Standard & Poor’s: BBB+
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| Distribution: | SEC-registered
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| Three-year notes
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| Amount: | $375 million
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| Maturity: | Sept. 15, 2017
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| Coupon: | 1.55%
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| Price: | 99.898
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| Yield: | 1.585%
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| Spread: | Treasuries plus 55 bps
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| Price talk: | Treasuries plus 60 bps area, tightened from Treasuries plus low-70 bps area
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| Make-whole call: | Treasuries plus 10 bps
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| Seven-year notes
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| Amount: | $375 million
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| Maturity: | Sept. 15, 2021
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| Coupon: | 3.125%
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| Price: | 99.912
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| Yield: | 3.139%
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| Spread: | Treasuries plus 95 bps
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| Price talk: | Treasuries plus 100 bps area, tightened from Treasuries plus 115 bps area
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| Make-whole call: | Treasuries plus 15 bps prior to Aug. 15, 2021, then callable at par
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