By Andrea Heisinger
New York, May 22 - Analog Devices, Inc. sold $500 million 2.875% 10-year senior notes (A3/A-/) on Wednesday at Treasuries plus 90 basis points, according to an FWP filing with the Securities and Exchange Commission.
A source said guidance was in the 100 bps area.
Pricing was at 99.604 to yield 2.921%.
The notes feature a make-whole call at Treasuries plus 15 bps until March 1, 2023 and a par call after that date.
There is a change-of-control put at 101%.
J.P. Morgan Securities LLC was the active bookrunner. Passive bookrunners were BofA Merrill Lynch and Credit Suisse Securities (USA) LLC.
Proceeds will be used to redeem about $393 million of notes due 2014 and for general corporate purposes.
Analog Devices was last in the U.S. bond market with a $375 million sale of five-year notes on March 30, 2011.
The maker of circuits for electronic equipment is based in Norwood, Mass.
| Issuer: | Analog Devices, Inc.
|
| Issue: | Senior notes
|
| Amount: | $500 million
|
| Maturity: | June 1, 2023
|
| Bookrunners: | J.P. Morgan Securities LLC (active), BofA Merrill Lynch, Credit Suisse Securities (USA) LLC (passive)
|
| Co-managers: | Goldman Sachs & Co., Morgan Stanley & Co. LLC, Wells Fargo Securities LLC
|
| Coupon: | 2.875%
|
| Price: | 99.604
|
| Yield: | 2.921%
|
| Spread: | Treasuries plus 90 bps
|
| Call: | Make-whole at Treasuries plus 15 bps to March 1, 2023, par call after
|
| Change-of-control put: | 101%
|
| Trade date: | May 22
|
| Settlement date: | June 3
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: A-
|
| Price talk: | 100 bps area
|
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